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06'04'93 08: 23 Z 612 755 5393 --> CITY/ELK RIUER P. 02 <br /> INTERIM <br /> FINANCING: In addition to the above commitment, the Bank is <br /> willing to advance interim financing in the amount <br /> not to exceed $850, 000 or 90% of the project cost <br /> • (whichever is less) at a rate equal to base plus <br /> one percent for a period equal to eight months <br /> provided that the Borrower submits satisfactory <br /> evidence and assignment of commitments from <br /> subordinated mortgage lenders totalling 401 of the <br /> total project cost. <br /> This commitment shall remain in effect until July 31, 1993 if this <br /> commitment is accepted by the Borrower by signing and returning to <br /> the Sank a copy of this letter along with payment of one half of <br /> the loan origination fee by May 15, 1993 . In the event that there <br /> is any material adverse change in your financial condition or <br /> obligations prior to the closing, the Bank may, at its sole <br /> discretion terminate this commitment. <br /> • <br /> Sincerely, <br /> • <br /> • Rachel A. Lund <br /> Security Bank Minnesota <br /> Accepted and Agreed this ` day of /j/� / , 1993 . <br /> Indy be, Inca <br /> laza% <br /> Ji 4. Sapp, Pre Sent <br /> /L.5 <br />