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Centenn;al Bank <br /> <br />May 25, 1990 <br /> <br />P.O,, Ba~; IS60 <br /> <br />Dale Drake <br />Drake Financial Corp. <br />2212 Ellen Lane, N.W. <br />Salem, OR 97304 <br /> <br />RE: Loan Commitment <br /> <br />Dear Dale, <br /> <br />Centennial Bank is pleamed to offer your clients, ~vergreen Mobile <br />Home Estates the following loan commitment to provide long term <br />funding on Phase I of the mobile park in Aumsville, Oregon. The <br />commitment is as follows: <br /> <br />Amount: <br /> <br />Up to $200,000 <br /> <br />Rate: TO be determined at closing based upon <br /> current OPERS rates. <br /> <br />Term: <br /> <br />25 year amortization, 10 year maturity. <br /> <br />1,75% loan fee ($3,500) plus .50% <br />commitment fee ($1,000). <br /> <br />Collateral:' <br /> <br />let Deed of Trust - 5 acres plus <br />improvements, Aumsvilleu Oregon. Legal <br />description on file - (2~ space mobile <br />hom~ park). <br /> <br />Guarantors <br /> <br />David and Bonnie Haug <br />Robert and Marietta Wood <br /> <br />our take out commitment is contingent upon the following <br />conditions: <br /> <br />2. <br /> <br />4. <br /> <br />Subject %o 90% of spaces leased/rented. <br />Updated appraisal at time of takeout. <br />Standard Mortgages Title Insurance with ALTA endorsement. <br />Environmental site assessment by qualified third party <br />acceptable to bank. <br />Prepayment Provision - see attached. <br />Borrower will agree to pay taxes current at closing. In <br /> <br /> <br />