Laserfiche WebLink
VIII. SCHEDULE OF REQUIREMENTS <br /> <br />1. Recommend approval of a $295,000 loan, with a 20 year matur]ty <br />with interest at 2% over low New York Prime, which is currently <br />10.5%. Payments will be $3,352 per month. <br /> <br />2. First mortgage <br />Minnesota. <br /> <br />on land and buildings <br /> <br />located at Ramsey, <br /> <br />3. First security interest on all <br />(including automotive), furniture & <br />able and lnventory. <br /> <br /> machinery and equipment <br />fixtures, accounts receiv- <br /> <br />4. Assignment of decreasing term life insurance on the lives <br />of Lyle Wirz, Dale Wirz and James Joslyn of no less than $200,000 <br />each. <br /> <br />5. Personal Guarantees of Dale Wirz and Lyle Wirz. <br /> <br />6. Borrower to provide adequate hazard insurance satisfactory to <br /> <br />7. Financial statements to be supplied quarterly. <br /> <br />8. Prior to disbursement, we are to be in receipt of evidence <br />that Lyle and Dale Wirz ha injected not less than $113,000. <br /> <br />9. Prior to disbursement, SBA is to be in receipt of Employer's <br />I.D. number <br /> <br />10. We will provide interim financing and request that SBA's <br />guaranty take effect after construction is completely finished <br />and lien waivers have been obtained. <br /> <br /> <br />