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10-02-1995 WS
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10-02-1995 WS
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MV City Council
City Council Document Type
City Council Packets
Date
10/2/1995
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zr.r Cb yb TUE 11 :51 <br /> P. 02 <br /> WESTERN BANK <br /> September 26, 1995 <br /> City of Mounds View <br /> Cathy Bennett <br /> Economic Development Coordinator <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: Forcia, Inc. DBA Donut Connection <br /> Dear Cathy: <br /> Western Bank is please to offer Forcia, Inc. DBA Donut Connection financing as follows: <br /> Notes and Rates: $25,000.00 Western Bank at 11.25% fixed <br /> and <br /> $25,000.00 Western Bank/Participation to City of Mounds View at <br /> 2% fixed <br /> Terms: Both 5 year full amortization <br /> Fees: Origination fee $500.00, disbursement fee $250.00 (three advances <br /> maximum) <br /> Collateral: All Corporate assets. Currently Mister Donut of America, Inc. has a <br /> first lien. Western State Bank prefers to have a first lien which <br /> requires the subordination from Mr, Donut of America, Inc. If that is <br /> not attainable, Western State Bank will do a purchase money <br /> security interest UCC1 filing on assets purchased (first lien) and <br /> general UCC filing to secure a second lien position on the remaining <br /> corporate assets. <br /> Payments: Principal and interest monthly of approximately $550.00 and <br /> $440.00 respectively will be automatically deducted from a Western <br /> State Bank checking account. <br /> Guaranty: Michael A. Forcia and Donna M. Forcia <br /> Insurance: Business property insurance with Western State Bank listed as loss <br /> payee. <br /> University Avenue O(llce , <br /> McCarron s Cake Office Oakdale Office <br /> Mounds View Office <br /> 849 UniversilyAve,St Paul,MN 55104 1740 Ake St„Maplewood,MN 55113 <br /> M St <br /> (612)224.1871,/612)224-1575 FAX 15121487.2051 14119)487-7Rflgccy /117411.7 FF a�y9t4„N t aC 2711R"K Rn WA1n �c,ot)nn_v4n.cev <br /> wY.l0,Mounds view,MN"112 <br />
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