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Xorth Star Bank <br />May 24, 1995 <br />Kathy Bennett <br />Economic Development Coordinator <br />City of Mounds View <br />2401 Highway 10 <br />Mounds View, MN 55112-1499 <br />RE: Dynex Industries, Inc. <br />4751 Mustang Circle <br />Mounds View, MN 55112 <br />Dear Ms. Bennett: <br />Our loan committee has approved a participation with the City of Mounds View in regards to <br />a loan to Dynex Industries, in the amount of $50,000.00 on a 50% participation. Our term may <br />be up to ten (10) years, and our approval is granted on an unsecured or secured basis whichever <br />the Mounds View Economic Development requires. <br />Our rate of interest on this loan will be 9 5/8 for five (5) years, then adjusted annually to the <br />prime rate at that time. <br />Purpose of the loan is for the new addition to their building. We are pleased to have the <br />opportunity to work with the City of Mounds View and Dynex Industries. <br />If you have any questions please contact me. <br />Sincerely yo rs, <br />Ray A. Udelhofen <br />Vice President <br />RAU/alp <br />1820 North Lexington Avenue • Roseville, Minnesota 55113 • 612/489-8811 • Fax: 489-9541 <br />4661 Highway 61 • White Bear Lake, Minnesota 55110 • 612/429-4531 • Fax: 653-9430 <br />