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FIRST STATE BANK <br />of NEW BRIGHTON <br />2299 PALMER DRIVE <br />NEW BRIGHTON, MINN. 55112 <br />PHONE: 612/636-4300 <br />Ap ri 1 6, 1981 ~ <br />i <br />J <br />Harold and William Becker <br />15 Old Highway 8 <br />New Brighton, MN 55112 <br />RE: $600,000 Industrial Revenue Mortgage <br />Dear Harold and Bill, <br />This letter will act as a commitment for funding a Tax Exempt Industrial <br />Revenue Mortgage for the purpose of building a new building. The purchase <br />will be subject to the following provisions: <br />1) Term of the loan - 15 years at a rate of 11.50% tax exempt <br />2) Construction of a one-story building - size approximately 31,000 square <br />feet at an approximate cost of 521.00 per square foot <br />• 3) 16% of the space leased to St. Paul Package Furniture <br />to Becker Brothers on a miminum of 5 and the balance <br />year renewable terms <br />4) Approval by the City of New Brighton Council <br />5) Certificate of insurance coverage on the building and all improvements <br />naming ourselves as loss payees in the amount of the industrial revenue <br />mortgage or more <br />6) No assessments shall be outstanding at the time the loan is funded <br />7) Title insurance in an amount equal to the industrial revenue mortgage or <br />more <br />8) First mortgage to be perfected against the real property and all fixtures <br />with an assignment of the rents <br />9) Appraisal of the property by a professional appraiser appointed by the <br />bank <br />10). Review and approval of building specs prior to construction <br />11) Survey of the property and soil tests <br />12) Selling a participation of $100,000 in the industial revenue mortgage <br />to another bank in order to avoid having our bank go over our legal <br />lending limit <br />¦ MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION