Laserfiche WebLink
K/ein8ank <br />783-882-S3901 fax 763.884-55511910 Commercial Dr I Buffalo, MN 55311-1725 1 klelnbank.cum <br />May 16, 2017 <br />Elk River Lodge & Residential Suites, LLC <br />Patrick Briggs <br />19021 Freeport Street Suite 500-E <br />Elk River, MN 55330 <br />Dear Mi. Briggs <br />Klein Bank is offering the following financing option for you to consider: <br />FACILITY ONE: <br />Amount: $1,250.000.00 <br />Purpose: Mini -Perm Construction'ferm loan on Apartment building <br />Term: 5 year term, 20 year amortization <br />Collateral: 1" Real Estate Mortgage <br />Closing: Closing June I ", 2017. <br />Payoff current mortgages of $670,000 + up to $100,000 <br />towards improvements. <br />Advance $30,000 at closing to 5 Year CD for reserve <br />/replacements <br />Additional improvement advances subject to TIFF pay as you. <br />go approval by the city of Elk itiver of not less than a present <br />value of $300,000.00 <br />THL TERMS AND CONDITIONS OF 1'111: LOAN ARE SU13JECI TO, BUT NOT LI.MITLD'1.0 "THOSE OUTLINED IN THIS <br />LETTER. THOSE MATTERS THAT ARE NOTCOVERED BY Olt MADE CL17AR 1N' THIS OUTLINE ARI: SUBJECr TO <br />MUTUAL AGREEMENT, THIS I RANSACTION HAS BEEN APPROVED BY KLEIN BANK, <br />1 hope that you will And that the terms and rates outlined herein will meet your approval. <br />Sincerely <br />Randy L. Haskins <br />President <br />M1 <br />LENOEH <br />monberfD[ <br />