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06 <br /> AIRLII FannieMae Minnesota Partnership <br /> 386 Wabasha Street N <br /> Suite 1026 <br /> Saint Paul,MN 55102 <br /> 651 726 0900 <br /> 651 726 0926(fax) <br /> October 20,2003 <br /> Michael Morrison <br /> City Manager <br /> 3301 Silver Lake Road <br /> St. Anthony,Minnesota 55418-1699 <br /> Re: $3,350,000 Loan to City of St.Anthony Village <br /> Dear Mr.Morrison: <br /> We are pleased to inform you that Fannie Mae has conditionally approved a $3,350,000 non-revolving line of credit (the <br /> "Loan"), the proceeds of which will be used to fund the acquisition of property pursuant to the terms of the documents <br /> evidencing the Loan. The terms upon which Fannie Mae is prepared to make available the Loan are set forth on the term <br /> sheet attached hereto. <br /> The closing of the Loan must take place on or before May 31,2004. If the closing does not occur on or before such date,the <br /> terms set forth on the term sheet may be revoked by Fannie Mae without additional notice. Upon receipt of a copy of this <br /> letter counter-signed by you,we will instruct outside counsel to prepare the necessary loan documents for this transaction. <br /> Your signature indicates you agree to pay Fannie Mae's legal fees in connection with the Loan whether or not the Loan <br /> actually closes. Fannie Mae's obligation to enter into the Loan is subject to satisfactory completion of due diligence, full <br /> execution of the loan documents in form and substance acceptable to Fannie Mae on or before May 31, 2004,and satisfaction <br /> of any conditions set forth in the attached term sheet. Additional conditions may need to be satisfied as required by Fannie <br /> Mae counsel. Please be advised that no agreement shall be binding as to Fannie Mae unless and until the parties execute a <br /> formal written agreement. <br /> We look forward to working with you. So that we may begin to prepare the necessary documentation for this transaction, <br /> kindly sign below and return the counter-signed copy of this letter within 45 days of the date hereof to the undersigned by fax <br /> (651-726-0926)and regular or overnight mail. <br /> Should you have any questions or if you would like to discuss any items set forth herein, please feel free to contact Katy <br /> Lindblad at 651-726-09.19. <br /> Sincerely, <br /> Cindy M.Holler Katy Sears Lindblad <br /> Community Development Director Community Development Manager <br /> Agreed: <br /> By: <br /> cc: Missy Thompson <br /> Tammy Melander <br /> Stacie Kvilvang <br /> Roger Larson <br />