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FIRST NATIONAL BANK OF ELK RIVER <br /> } 72s MAIN STREET • ELK RIVER, MINNESOTA 55330 • (612) 441-2200 <br /> August 11, 1993 <br /> OMNI <br /> 500 Metro Square <br /> 121 7th Place E. <br /> St. Paul, Mn. 55101 <br /> Re: Kenneth J. Beaudry/Carrie J. Beaudry <br /> Our Bank Loan Committee has approved a loan request in the amount <br /> of $800,000.00 from Kenneth J. Beaudry and Carrie J. Beaudry to <br /> construct a convenience store/gas station to be located at Hwy 10 <br /> and Proctor Ave. in Elk River. <br /> We would like to offer the following loan- proposal which would <br /> utilize the SBA 504 Loan Program: <br /> LOAN <br /> • CONSTRUCTION <br /> Amount: Not to exceed $800,000.00 <br /> Purpose: To finance construction of convenience store/gas station <br /> to be at located Hwy 10 and Proctor Ave. in Elk River. <br /> (Survey to Govern) <br /> Store to be leased to Beaudry Convenience, Inc. <br /> Rate: Prime plus 21 floating. <br /> Pee: 1/2% of the construction loan payable at closing. <br /> Term/Repayment: Six month construction note with interest payable <br /> monthly based on a 365 day year. <br /> Collateral; First Real Estate Mortgage on the project including <br /> all equipment, furniture and fixtures'. Corporate <br /> Guaranty of Beaudry Oil & Service, Inc. and Beaudry <br /> Convenience, Inc. <br /> • <br /> Appraisal: An appraisal will be required that is acceptable to <br /> First National Bank of Elk River on the real estate <br /> supporting a loan value described above. <br /> •MMERMAN OFFICE FIRST NATIONAL MORTGAGE FIRST NATIONAL SECURITIES <br /> Mary &Main Street 729 Main Street 729 Main Street <br /> Local: (612) 856.2266 Elk River, Minnesota Elk River, Minnesota <br /> Metro: (612)421-0463 (612)441-7133 (612)441-2200 ext..16 <br /> 800 PI SNVE 'LYN IS2fId TZ6C Tfi6 ZT9,$ T111 C6/T0/60 <br />