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First <br /> • Of Elk River <br /> Main Office: 729 Main Street Elk River,MN 55330-1595 612/441-2200 <br /> April 1, 1999 <br /> Paul T. Steinman <br /> Director of Economic Development <br /> 13065 Orono Parkway <br /> P.O. Box 490 <br /> Elk River,MN 55330 <br /> Re: CONSTRUCTION OF 13,000 SQ FT BUILDING IN McCHESNEY INDUSTRIAL <br /> PARK, TO BE OWNED BY MARK ROTHFORK <br /> Dear Paul: <br /> Per our phone conversation regarding the above project, this letter will confirm a loan commitment <br /> from First National Bank of Elk River. <br /> Our loan commitment for Mark Rothfork is as follows: <br /> • <br /> 4. $400,000.00 bank loan based on 80% advance rate of total project.(20)year <br /> amortization, (5)year balloon, to be secured by 1st Real Estate Mortgage <br /> a. 6. On or before start of construction, all square footage to be leased with signed, <br /> (5)year leases <br /> 4 Combination of both buildings Annual Debt Service Coverage to be at 1.25X, <br /> or greater. <br /> Please feel free to contact me if you have any further questions. <br /> Sincerely, <br /> Citi ‘„ <br /> Jan Hidde-Hooker <br /> Vice President <br /> (612) 241-3605 <br /> • JHH/gmw <br /> Branches in:Anoka,Elk River,Hassan,Monticello,and Zimmerman <br /> www.lnatbanker.com E Mail>fnber@lnatbanker.com <br />