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WeHs Fargo Dealer Sex vit.es <br /> MAC N9141-030 <br /> 670 Mantgltt Road Not t Susie 301 <br /> Sm NA MN 55119 <br /> itaV Tel 651 205 8590 <br /> la 66 1 205 8508 <br /> January 28,2016 <br /> Mr.Scott Powell <br /> President <br /> Cornerstone Auto Group <br /> 17094 Vance St.NW <br /> Elk River, MN 55330 <br /> Dear Scott, <br /> We are pleased to announce that Wells Fargo Is in the process of underwriting and due diligence to <br /> approve a mortgage loan on behalf of Cornerstone Elk River,LLC(Cornerstone Ford and Cornerstone <br /> Chrysler). The following are the suggested terms of the loan: <br /> Mortgage Loan <br /> Borrower: Cornerstone Elk River,LIC <br /> Amount: $4,800,000 <br /> Interest Rater 1 month LIBOR+2.25%floating(2.67%currently) <br /> Payback Period: 5 Year term/20 Year amortization <br /> Prepayment Penalties: 2%of amount prepaid for the first 3 years after <br /> origination <br /> Approximate annual principal payment: $240,000 <br /> Guarantors: Scott Powell and other Cornerstone entities <br /> Collateral: Mortgage on the Cornerstone Elk River,tic property <br /> If you have any questions on this approval please contact me at your convenience. <br /> Sincerely, <br /> ( <br /> ( <br /> William P.Schinechel <br /> Vice President <br /> cy,far <br /> •. <br />