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OC.84••73 00122 a G12 'ss sir > CIT .•CLK r.tvCr, r.oi <br /> _" LI1.4 — 3 - 93 THu 1 4 _ a e. _ P . 03 <br /> • <br /> BF.CURITYt secured by first mortgage on all purchased real <br /> estate. The 'Bank will require that the pledged <br /> real estate be appraised by a certified appraiser <br /> prior to funding. In addition, the Borrower shall <br /> pledge the machinery and equipment of the Borrower <br /> in each location. <br /> REFAXMENT: Monthly payment will be set to fully amorti2e the <br /> loan over the life of the loan. Monthly payments <br /> will be reset it and when interest rates change. <br /> FEES: The Borrower will be responsible for all fees and <br /> expenses incurred in connection with the loan which <br /> may include but is not limited to: <br /> -legal fees <br /> -surveys <br /> -appraisal fees <br /> title insurance <br /> -recording fees <br /> GUARANTEE: The loan will be personally guaranteed by Jim R. <br /> sapp. <br /> REPORTING • <br /> REQUIRY;MENT: Quarterly financial statements on operations of <br /> • Borrower. <br /> Annual personal financial statement and tax return <br /> of guarantor <br /> Annual financial statement of Borrower reviewed by <br /> an independent accountant <br /> OTHER <br /> CONDITIONG: The Borrower shall obtain subordinated Mortgage <br /> financing commitments totalling 40% of the project <br /> cost from the SBA and Southeastern Minnesota 504 <br /> Development Company. said financing shall be for a <br /> period of at least 20 years. <br /> Hold Bank harmless against any existing or future <br /> contamination of the properties <br /> Furnish policies of insurance with minimum coverage <br /> of $850, 000 on properties insuring against fire and <br /> other hazards. The policies will list the Bank as <br /> "Mortgagee" <br /> Execute and deliver all other such documents to Bank <br /> as deemed necessary <br /> Actual legal documents for the loan will contain adc.itional terms <br /> and conditions not discussed herein but which are also a part of <br /> the commitment. <br /> •• <br />