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r-- <br /> <br />FIRST STATE RANK <br />of NEW BRIGHTON <br />2299 PALMER DRIVE <br />NEW BRIGHTON; MINN. 55112 <br />PHONE: 6121636-4300 <br /> April 6, 1981 <br /> <br /> <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 />Thi s letter will act as a commitment for funding .a Tax Exempt Industrial <br />Rev <br />wil enue Mortgage for the purpose of building a new building. The purchase <br />l b <br />b <br /> e su <br />ject 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 S21.00 per square foot <br />3) 16% of the space leased to St. Paul Package Furniture and the balance <br /> to Becker Brothers on a miminum of 5 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 5100,000 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