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Page 3 of 3 <br /> Standby Fee: The City shall pay a standby fee (the "Standby Fee") to Fannie Mae on the <br /> "Undrawn Portion" of the Loan, which is an amount equal to the Loan less <br /> the outstanding unpaid principal balance of the promissory note evidencing <br /> the Loan at the time of calculation. The Standby Fee shall be an amount, per <br /> annum, equal to fifteen (15) basis points calculated on the Undrawn Portion, <br /> and shall be calculated each month on the Undrawn Portion and payable <br /> quarterly. <br /> Reporting <br /> Requirements: Within one hundred eighty days (180) of the end of the fiscal year, City must <br /> submit audited Financial Statements for the fiscal year. <br /> Within 30 days (30) of the date it is due, City will submit its annual tax <br /> increment financing report required by the State of Minnesota. <br /> City will forward any report it receives from the developers of the property it <br /> acquires with the proceeds of the Loan within 30 days (30) of receipt thereof. <br /> "This term sheet is provided solely as a basis for discussion and is subject to change;it should <br /> not be construed as a binding commitment,but merely presented for review and consideration." <br />