7.0.EDSR 06-14-2004 - Laserfiche WebLink

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Nas `AY.2^o.2a04 211: 16AM Gradient Techno 1 ogy 763-717-948d'0.516 P.3 p. 4 MAY.29.2004 10:02PM NO.503 P.4 Prepayment penalty, None. Other Conditions for both Construction and Permanent Loans: Appraisal: Project must be supported by an independent appraisal obtained and reviewed in accordance with The Bank of Elk River and USPAP. Environmental Assessment: Project must be supported by an environmental assessment conducted by The Bank of Elk River. Said report must be in a forst and substance acceptable to The Bank of Elk River. Title Insurance: Borrower must provide a commitment for a mortgagee's title insurance policy covering the property and reporting fee simple title is in the Borrower's name and the Bank's mortgage will be a fust priority mortgage lien on the property, all title matters tinter be acceptable to The Bank of Elk River which shall include the title insurance company insuring against mechanics liens. All construction draws made through title insurance company approved by The Bank of Elk River. Survey. Borrower must provide an ALTA survey of the property certified to The Bank of Elk River and the title insurance company in form and substance acceptable to The Bank of Elk River, Financial Statements: During the term of the loan,the Borrower will deliver an annual financial statement to The Bank of Elk River within 120 days of the and of each yam. Guarantors to • provide a personal financial statement annually. Tenant(G.D.O.d/b/a Gradient Technology)to provide an annual financial state hent within 120 Of the tenant's fiscal year end. Tax Returns: During the term of the loan the Borrower will annually deliver nue and exact copies of their Federal Income Tax Return as soon as available. Guarantor to provide annually true and accurate copies of their Federal Income Tax Return as soon as available. Insurance: The Bank of Elk River will require evidence of insurance on the properly naming the Bank as additional insured/mortgage loss payee.The insurance shall be in an amount equal to or greater than the outstanding mortgage balance. Leases: The Bank of Elk River will require copies of all leans associated with the property. Debt Services The Bank of Elk River will require that the annual net operating income exceed 115 14 of annual debt service. The proposed financing is in effect until June 30th,2004. The proposal is conditioned upon receiving confirmation from the City of Elk River of approval of the revolving loan fund component and the tax abatement component, I will be happy to assist you with applying for the City Loan Funds. ••