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COLLATERAL: A subordinate security interest is proposed in the new equipment to <br /> be purchased. Subject to the approval of the EDA,the City of Elk <br /> River's security interest may be subordinate to the priority lien of <br /> one or more entities providing senior financing to the Borrower. <br /> LOAN TO VALUE: Loan to value not to exceed 90%of the value of the <br /> Purchase price of the equipment proposed to be purchased. <br /> GUARANTY: Guaranties of all owners Heritage Millwork,Inc. <br /> Sincerely, <br /> Amanda Othoudt <br /> Economic Development Director <br />