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Fee: 1% of the permanent loan funds provided by the Bank. <br /> 0 Term: 20 year amortization. <br /> Collateral: First Real Estate Mortgage on the convenience <br /> store/gas station at Hwy 10 and Proctor Ave. in Elk <br /> River. <br /> CONDITIONS COMMON TO BOTH LOANS: <br /> Closing on both of the above described loans contemplated by this <br /> commitment letter shall be conditioned upon the following terms and <br /> conditions; <br /> Subordinated Mortgages: The borrower shall obtain <br /> subordinated mortgage financing commitment totaling <br /> S323, 600.00 from SBA. Said financing shall be for a period of <br /> 20 years at a rate to be determined when SBA debentures are <br /> sold. <br /> Loan Agreement: Loan Agreement will be developed and executed <br /> that will include but not limited to financial covenants, <br /> financial reporting requirements, default provisions, warrants <br /> and representations. <br /> Relationship: The Borrower agrees to establish and maintain <br /> a depository relationship with the Bank for the ongoing <br /> operation of the convenience store/gas station. <br /> • Expiration: This commitment will expire 60 days from the <br /> date of this letter and is subject to renewal at the option of <br /> the Bank. . <br /> Revocation: This commitment may be revoked by the Bank any <br /> time prior to the expiration date should any adverse factors <br /> develop that are materially different from the information <br /> provided to the Bank by you, or obtained by the Bank relative <br /> to its approval. <br /> We are pleased to work with you on this project and look forward to <br /> helping you finance the new facility. If you have any questions <br /> regarding this commitment, please give me a call. <br /> Sincerely, <br /> _464, <br /> Tom Lund <br /> Assistant Vice President <br /> TL:lcb <br /> • <br /> 0T02, )1NV 'INN IS2IId TIBC T'P ZT9$ ZT:TT C6/T0/60 <br />