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· .R'OM &4~T gM£R-B~NK-BLM-MN <br /> <br />e~.22.t99~ llle~ <br /> <br />FIR$I' PRAIRIE BANK, <br /> <br /> rch 22, 1990 <br /> <br />P. 2 <br /> <br />A.D.H., Inc. <br />601~ &adium Circle <br />Ramsay, BN 5~303 <br /> <br />Gentlement <br /> <br />First Prairie Bank il pleased to inform you that it h~s approved a loan to <br />your company to finance tho atari up costs associated with your propoaad new <br />off-sale liquor tiara to be located at the intersection of County ~oad ~83 and <br />U.S. Hwy. ~10, in ~amsey, Minnesota. The terms under which this loan sill be <br />granted a~e listed below. <br /> <br />LOAN PROPOSAL <br /> <br />InC. <br /> <br />Amount: $1~0,000.00 <br /> <br />Terms~ <br /> <br />months full amortizing <br /> <br />Interest Eate~ <br /> <br />Rep aymen t ~ <br /> <br />American ~ational Bank of St. Paul P~ime, plus I.OX <br />adjustable monthly (currently 11.0~, Floor ~.~, and a <br />ceiling of <br /> <br />$2,$70.00 monthly payment to be applie~ to interest than to <br />principal. <br /> <br />Financial <br /> Reporting: <br /> <br />Unlimited personal guarantees from each shareholder, secured <br />by liquid assets of shareholder in an aggregate minimum <br />amount of $100,000. (preferable CD in First Prairie Bank. <br />Other marketable security will Be acceptable to the ~ank. <br />The Bank collateral value will be limited to 75X of the <br />curren~ market value'as listed in the Wall Street Journal or <br />similar puBlicatio~ on the date o~ closing). <br /> <br />Quarterly financial statement, and year end accountant <br />prepared statement from A.D.B., Inc. and personal financial <br />statement and tax return from shareholders annually. <br /> <br />If you have any questions regardlnZ this matter, please feel free to contact <br />me at your convenience. <br /> <br />Sincerely, <br /> <br />Kenneth L. ~orris <br />Assistant Vice P=esiSent <br /> <br />KLM/cc <br /> <br />~45 £o ~JN SY, · BLOOMING PRAIRI~ &fN &$$~ · Phone ($02) $85.$$2& , Fax ($0~ $$$.~ <br /> <br /> <br />