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‘18 BANk <br /> OF ELK RIVER <br /> • Member FDIC <br /> February 10, 2000 <br /> John C. Weicht and Associates LLP <br /> Box 368 <br /> Elk River, MN 55330 <br /> RE: Commitment Letter to R&W Enterprises LLP <br /> Dear John and Mark, <br /> It gives our bank pleasure to provide this Commitment Letter to you in connection with the <br /> construction of a building in the McChesney Industrial Park presently owned by Mark Rothfork. <br /> • I. AMOUNT: The maximum loan will be Six Hundred Thirty thousand dollars <br /> ($630,000.00). <br /> II. TERMS: The $630,000.00 loan will be repaid in monthly installments based on up to <br /> a twenty-year amortization with interest computed on a 360-day basis with monthly <br /> payments with interest only for up to the first eighteen months. The note would have <br /> a five year maturity. <br /> III. COLLATERAL: The Bank will have a First Lien position on the land and building. <br /> IV. LOAN AGREEMENT: The loan agreement will dictate the covenants of the loan as <br /> it relates to financial reporting, defaults and acceleration clauses and insurance <br /> coverage requirements. <br /> V. INTEREST RATE AND FEES: Interest will be computed at a variable rate of New <br /> York Prime (currently 8.75%) plus 1.00 (currently 9.75%) and the option to fix the <br /> rate for five after the eighteen (18) month interim period. One-half percent bank <br /> origination fee plus out of pocket costs will be charged including lien searches, and <br /> recording fees, appraisal, title insurance, flood check, etc. <br /> W. GUARANTORS: John C. Weicht and Mark Rothfork. <br /> • MAIN STREET OFFICE SCHOOL STREET OFFICE OTSEGO OFFICE <br /> 630 Main Street 846 Freeport Avenue 15800 88th Street NE <br /> Elk River,MN 55330 Elk River,MN 55330 Otsego,MN 55330 <br /> (612)441-10(0) (612)441-9000 (612)441-7700 <br /> Fax (612)441-0847 Fax(612)441-0791 Fax (612)441-7755 <br />