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• FIRST NATIONAL BANK OF ELK RIVER <br /> 729 MAIN STREET • ELK RIVER, MINNESOTA 55330 • (612)441-2200 <br /> January 6, 1994 <br /> Bill Rubin <br /> Economic Development Coordinator <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Dear Bill: <br /> The First National Bank of Elk River has issued a commitment to <br /> lend up to Sixty Thousand Dollars ($60,000.00) to James and Marlene <br /> LaRose for the purpose of purchasing restaurant equipment. The <br /> conditions of this approval are as follows: <br /> 1. Approval of EDA Micro fund loan in the amount of Twenty- <br /> Five Thousand Dollars ($25,000.00) . <br /> . 2. James and Marlene LaRose demonstrating their ability to <br /> raise One Hundred Twenty-Five Thousand Dollars <br /> ($125,000.00) of additional capital for the remainder of <br /> the start-up costs of proposed restaurant. <br /> 3. Satisfactory valuation of homestead in the amount of at <br /> least One Hundred Sixty-Five Thousand Dollars <br /> ($165,000.00) . <br /> Sincerely, ) <br /> JA1 <br /> 11 Olitm J./?,// <br /> Thomas Lund <br /> Assistant Vice President <br /> • <br /> ZIMMERMAN OFFICE FIRST NATIONAL MORTGAGE FIRST NATIONAL SECURITIES <br /> Mary & Main Street 729 Main Street 729 Main Street <br /> Local: (612) 856-2266 Elk River, Minnesota Elk River, Minnesota <br /> Metro: (612)421-0463 (612)441-7133 (612)441-2200 ext. 16 <br />