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Thursday,January 26,2017 <br /> To Whom It may concern <br /> Elk River,MN 55330 <br /> Dear City, <br /> Briggs Properties,Inc is Pledging to work in good faith to complete this project under said timeline <br /> in Tiff application attached: The applicant also pledges in good faith to commit to the terms below <br /> upon a successful Tiff Application of a 40 unit Market Rate Apartment Building. <br /> FACILITY ONE: <br /> Amount: $4,800,000.00 <br /> Purpose: Term loan on Multifamily New Construction Mini Perm <br /> Term: 3 year term,25 year amortization <br /> Collateral: 1"Real Estate Mortgage on the following properties: <br /> 1)xxx 6``1 Street NW River,MN 55330 <br /> Pricing: TBD <br /> Guarantees: Business guaranty of Briggs Properties, Inc. <br /> Closings Costs: TBD <br /> THE TERMS AND CONDITIONS OF THE TRANSACTION ARE SUBJECT TO, BUT NOT <br /> LIMITED TO THOSE OUTLINED IN THIS LETTER. THOSE MATTERS THAT ARE NOT <br /> COVERED BY OR MADE CLEAR IN THIS OUTLINE ARE SUBJECT TO MUTUAL <br /> AGREEMENT. THIS TRANSACTION HAS BEEN APPROVED BY THE BOARD OF <br /> DIRECTORS. <br /> I hope that you will find that the terms and timeline outlined herein will meet with your approval. <br /> Please call me at 763-633-1080 to discuss the proposal. Thank you for allowing us the opportunity <br /> to present this proposal. <br /> Sincerely, <br /> Pat ' k Briggs <br /> gi5e7k�ggs <br /> President <br />