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111 FIRST NATIONAL BANK OF ELK RIVER <br /> • 729 MAIN STREET • ELK RIVER, MINNESOTA 55330 • (612)441-2200 <br /> December 10, 1992 <br /> Mr. William Rubin <br /> Economic Development Coordinator <br /> City of Elk River <br /> 720 Dodge Ave. NW <br /> Elk River, Mn. 55330 <br /> Dear Bill: <br /> Allegiance Realty, a corporation owned by Carol Luukkonen, Donna <br /> Grover and Marilyn Van-Patten-Chuba have requested a commercial <br /> real estate mortgage to purchase a condo office space at 307 Main <br /> Street, Elk River, Mn. <br /> They indicate a purchase price including leasehold improvements of <br /> $133, 000.00. The First National Bank of Elk River has issued a <br /> conditional approval to Allegiance Realty for a commercial real <br /> • estate mortgage with the following terms and conditions. <br /> TERMS <br /> 1. Principal: $99,750.00 (75% Loan to Value) <br /> 2. Rate: 9.75% <br /> 3. Term: 5 year Balloon-20 year amortization schedule <br /> CONDITIONS <br /> 1. Appraisal of $133,000.00 <br /> 2. Down payment of $33, 250.00 (Cash or Subordinated debt) <br /> 3. Personal Guarantee' s of Corporate Owners and their <br /> spouses. <br /> 4. Final approval of the First National Bank of Elk River <br /> Board of Directors. <br /> If you need any clarification on this conditional commitment, <br /> please contact me. <br /> Sincerely, <br /> sly/4.44_4..6 <br /> Gc.mac <br /> Duane E. Kropuenske <br /> Executive Vice President <br /> DEK:lcb <br /> 111 <br /> ZIMMERMAN OFFICE FIRST NATIONAL MORTGAGE FIRST NATIONAL SECURITIES <br /> Mary& Main Street 729 Main Street 729 Main Street <br /> Local: 1612) 856-2266 Elk River, Minnesota Elk River, Minnesota <br /> Metro: (612)421-0463 1612)441-7133 (612)441-2200 ext. 16 <br />