7.1 SR 10-05-2020 - Laserfiche WebLink

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Corporate Guarantor: Shoot Steel, Inc.; Conductive Cooking, Inc. Lease: Lease amongst Shoot Steel, Inc., Conductive Cooking, Inc., and Borrower (entity to -be - determined) with options to extend at least as long as the term of the loan. Insurance: - Evidence of Property Insurance (ACORD Form 27) naming the borrowing entity as Insured, the address of the property and the bank as Lender Loss Payee and Mortgagee. A Certificate of Liability Insurance (ACORD Form 25) naming the borrowing entity as insured, the address of the property and the bank as Additional Insured. Automatic Payment: We require monthly payments to be made automatically from a Village Bank account. Deposit Accounts: All primary operating and depository accounts of Borrower and Corporate Guarantor(s) to be maintained at Village Bank. Should this condition not be met, the bank, in its sole discretion, may increase the interest rate charged on the loan by .25%, per annum, until the violation is cured. Loan #2: Commercial Real Estate Loan (To be paid off by SBA 504): Borrower: A To -be -determined Limited Liability Company Loan Amount: Up to $1,027,240 (based upon and approximately 40% of total project) Maturity: 12 months Interest Rate: 4.09%, per annum, fixed to maturity Payment Amount: Interest -only payments based upon the outstanding principal balance of the loan, to be made monthly. Prepayment Penalty; 3% on outstanding principal if refinanced at another financial institution other than the SBA 504 CDC/ Debenture Financing. Purpose; See loan #1 Fees & Costs: See loan #1 Required Equity Inicetion: See loan #1 Collateral: A 2nd real estate mortgage on commercial real estate located at: 17565 Tyler St NW, Elk River, MN 55330 Personal Personal guaranty of all owners with 20% or more ownership will be required to guaranty the Guarantor(s): loan on an unlimited basis. Corporate Member FDIC #ItTakesaVillage I www.villagebankonline.bank ,,,,,..,h, e ENIWR