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uL� -y 134i <br /> -11 FIRST NATIONAL BANK OF ELK RIVER <br /> • <br /> December 8, 1994 <br /> William Rubin <br /> Economic Development Coordinator <br /> Elk River City Hall <br /> P.O. Box 490 <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> RE: EDA Loan to Rich and Dawn Schulz secured by REM <br /> Dear Bill: <br /> • Our Bank is in process of refinancing the first mortgage on the commercial building <br /> owned by Rich and Dawn Schulz. The refinance is for the existing mortgage amount <br /> only (no new funds), and would not worsen the EDA collateral position. <br /> We are requesting the EDA subordinate its mortgage position to our Bank in order for <br /> First National Bank of Elk River to be in first lien position. <br /> The expected closing date will be before the end of December, 1994. Please call me <br /> at 441-2200 with any questions or concerns. Thank you for your assistance. <br /> Sincerely, <br /> 141' <br /> Thomas L. Lund <br /> Assistant Vice President <br /> TLL/jos <br /> • <br /> ANOKA OFFICE ELK RIVER OFFICE ZIMMERMAN OFFICE FIRST NATIONAL MORTGAGE FIRST NATIONAL <br /> 1121 W.Highway 10 729 Main Street Mary&Main Street 716 Main Street INVESTMENT CENTER <br /> Anoka,MN 55303 Elk River,MN 55330 Zimmerman,MN 55398 Elk River,MN 55330 729 Main Street <br /> (612)422-0537 (612)441-2200 Local:(612)856-2266 (612)441-7133 Elk River,MN 55330 <br /> Metro:(612)421-0463 (612)441-2200,Ext.602 <br />