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Come home to full-service banking. <br /> "FITE BANK OF ELK RIVER <br /> 630 MAIN ST.,ELK RIVER,MN 55330 • PHONE 441-1000 <br /> ELK RIVER MALL,846 FREEPORT AVE. • PHONE 441-9000 <br /> Our Second Century MEMBER FDIC <br /> October 13, 1993 <br /> Felix and Jeanne Eggert <br /> 19319 Oxford St. NW <br /> Elk River, MN 55330 <br /> RE: Proposed new construction on Lot 1 , Block 1 , Meadowvale <br /> Commercial Park. <br /> Dear Felix and Jeanne: <br /> I am please to inform you that The Bank of Elk River has <br /> given initial approval of a $87,500 first mortgage loan for the <br /> building you propose to build. <br /> This loan commitment is contingent on the following: <br /> 1. An appraisal valuing the land and building at <br /> a minimum of $125,000. <br /> • 2. Approval of a subordinated loan of $18,750 from the Elk <br /> River EDA Micro-Loan program. <br /> 3. An equity investment on your part of $18,750. <br /> Your loan will be on a fifteen year amortization with a balloon <br /> due at the end of four years. <br /> If you have any questions, please call me. <br /> Sin ly, <br /> Patrick H. Dwyer <br /> Senior Vice President <br /> cc: Bill Rubin, Elk River EDA <br />