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THE OF ELK• wil4 TWO LOCATIONS: �E� R <br /> 630 MAIN ST AND 846 FREEPORT AVE.ELK RIVER.MN 55330•PHONE 612-441-1000 <br /> Carpe Kairos, LLC July 13, 1995 <br /> 9423 West Hwy 10 <br /> Anoka, MN 55303 <br /> RE: Loan approval <br /> Dear Kermit: <br /> The Bank of Elk River has approved your first mortgage loan <br /> request subject to the following conditions: <br /> 1. Amount - Approximately $248,500 <br /> 2. Purpose - Construct a 10,000 square foot <br /> building in the Rail 10 Industrial Park. <br /> 3. Term - 15 year amortization <br /> 4. Interest rate - 2% floating the highest Wall Street <br /> Journal prime rate, adjustable <br /> annually on the anniversary date of <br /> the loan with a floor of 9.75% and a <br /> ceiling of 11 .75%. Rate changes <br /> will affect the final payment. <br /> 5. Borrower - Carpe Kairos, LLC <br /> 6. Guarantors - Kermit Bode and Curt Jacobson <br /> 7. Addition terms - Maximum 70% loan to appraised value <br /> ratio. Building must appraise for <br /> at least $355,000. <br /> - Assignment of all leases. <br /> - All closing costs will be paid by <br /> borrower. <br /> - 1% origination fee <br /> - Annual personal financial <br /> statements from borrower and <br /> guarantors, and Custom Cutter <br /> Grinding, Inc. <br /> - Annual rent rolls and cash flow <br /> analysis. <br /> - Insurance binder at time of <br /> losing. <br /> Sin-ply, <br /> Ni i,3 1.GEITW <br /> Patrick H. Dwyer <br /> Senior Vice President <br /> Borrower agrees to the terms of this loa h,ayreement. <br /> Carpe Kairos, LLC. <br /> • 4.5", <br /> Kermit Bode Curt Jacodsdri <br />