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Attachment B <br />June 2, 2015 <br />WESTERN BANK <br />W Member FDIC E u I Housin Lender � <br />q a g <br />COMMITMENT LETTER <br />Carolyn E. Olson <br />President <br />Greater Metropolitan Fiousing Corporation <br />15 South 5th Street -- Suite 710 <br />Minneapolis, MN 55042 <br />Dear Carolyn, <br />I am happy to inform you that your loan application for a$1,461,000 first mortgage revolving <br />draw note to assist with the development and construction of the 18 unit Dale Garden Station <br />project has been approved under the following terms: <br />BORROWER <br />l_T�iL�1�1�Y� <br />GMHC Dale Station, LLC. <br />$1,461,000 <br />NOTE TYPE: Re-advancing line of credit draw note <br />PURPOSE: Development and construction of 18 townhome units in <br />Roseville, MN. <br />MATURITY: <br />AMORTI7�,TION: <br />RATE: <br />ORIGINATION FEE <br />36 Months from closing. <br />Interest only monthly payments <br />Prime +.50% with a floor of 4.0% <br />$32,000 <br />PREPAYMENT PENALTY: There will be no prepayment penalty associated with this note, <br />ASSUMABILITY: The loan is not assumable nor can you transfer any portion of <br />your interest in the real estate without the written consent of <br />the Bank. <br />LATE FEE: In the event a monthly payment on this loan is made more <br />than 10 days after its due date, a late fee of 5% of the monthly <br />payment will be charged. <br />