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06/03/9% 15:57 a 612 755 5393 --> CITY/ELK RIVER P.62 <br /> / Jër/Jr/tqHflh/kM/NNEsorA <br /> ALBERT LEA <br /> RACHEL LUND <br /> Ice President <br /> April 26, 1993 <br /> Mr. Jim R. Sapp <br /> Indy Lube, Inc. <br /> 6505 East 82nd Street <br /> Suite 209 <br /> Indianapolis, IN 46250 <br /> • <br /> Letter of Commitment <br /> 1LDear Mr. Sapp: <br /> Security Bank Minnesota (the "Bank") has received the loan request <br /> of Indy Lube, Inc . (the "Borrower") for $938 , 000 to purchase land, <br /> construct and equip three Indy Lube stores . <br /> The Bank has reviewed your financial statements, condition and the <br /> collateral supporting the loan. In accordance with the loan policy <br /> of the Bank which prohibits the Bank from funding 90% -- 100% of the <br /> project cost for 20 years, the Bank is pleased to offer the <br /> following credit facilities subject to the terms and conditions <br /> outlined below. <br /> AMOUNT: Four Hundred sixty nine thousand dollars ($469 , 000) <br /> or 50% of project cost, whichever is less. <br /> PURPOSE: Proceeds will be used to purchase land, construct <br /> buildings and equip Indy Lube stores in Austin, <br /> Rochester and Elk River, MN. <br /> INTEREST <br /> RATE: Wall Street Journal Prime plus 1% floating. <br /> Interest accrues on the actual number of days in a <br /> 360 day year <br /> LOAN <br /> ORIGINATION: Eight thousand nine hundred ninety five dollars <br /> III ($3, 995 . 00) . One half of fee is payable upon <br /> acceptance of this commitment. <br /> TERM: Fifteen years, fully amortizing. <br />