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91600 � �,J,31C' <br /> P)wol,,llyn kfsnne�: )o `,',5441m� <br /> "7635) 95 1 2,9 N <br /> COMMITMENT LETTER <br /> Fred Trapp and Michael. Tracey <br /> F&M Properties, LLC <br /> Die Concepts, Inc. <br /> RE: Purchase and improve property described in the Purchase Agreement <br /> dated December 1.7, 2015 between SKD ("Seller") and F&M Properties <br /> LLC ("Buyer" and "Borrower") as 18480 Twin Lakes Road NW, Elk <br /> River, MN <br /> Dear Mr. Trapp and. Mr. Tracey: <br /> In response to your loan request, CorTrust Bank ("Leader") hereby <br /> agrees to make a mortgage loan ("Loan") to F&M Properties LLC, a <br /> Minnesota limited liability company ("Borrower") in an amount up to <br /> Five Hundred Forty Thousand Eight Hundred and 00/100ths Dollars <br /> $540, 800 . 00 (Loan) <br /> The Loans shall be made on the following terms and conditions : <br /> 1. TERMS OF LOANS <br /> a. .Borrower: F&M Properties LLC, a Minnesota limited <br /> liability company.. <br /> b. Amount of Loan: Five Hundred Forty Thousand Eight Hundred. <br /> and 00/100ths Dollars ($540, 8001 . 00) <br /> c . Useof Loan Proceeds The proceeds of the loan shall be <br /> used to pay the costs and expenses incurred in connection. <br /> with the purchase, renovation and improvement of the <br /> Project . The "Project" consists of the purchase, <br /> renovations and improvements of a 20, 0100 +/- square foot <br /> industrial building on the property, fixtures and permits <br /> being purchased by the Borrower located in Elk River, <br /> Minnesota. <br /> d. Interest : Interest shall accrue at a fixed rate of 4 . 254 <br /> per annum for 5 years after inception, then re-price at a. <br /> fixed rate of 2 . 75a over the 5-year treasury rate until the <br /> loan matures in IO years. <br /> e . Payments : Borrower shall make monthly payments of interest: <br /> charged on the outstanding balance of the loan beginning <br /> within 30 days following the Closing Date and continuing on <br /> the same day of each month thereafter for 6 months; then <br />