HomeMy WebLinkAboutBFAG Loan Commitment Letter.pdf r, :
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FirstBank
___ ._ 17 Vail Road, Vail, CO 81657
November 6, 2014
Betty Ford Alpine Gardens
dba Alpine Treasures
183 E Gore Creek Dr Suite 7
Vail, CO 81657
RE: 1st Deed of Trust
Betty Ford Alpine Gardens
The Education Center
Vail, CO 81657
Dear Nicola Ripley:
FirstBank is pleased to extend to Betty Ford Alpine Gardens this Letter of Loan
Commitment for a construction loan on the project known as The Education Center
for Betty Ford Alpine Gardens. This Letter is subject to the following terms and
conditions:
GENERAL TERMS
Borrower: Betty Ford Alpine Gardens
Guarantor(s): n/a
Collateral: 15t Deed of Trust
The Education Center
Vail, CO 81657
Rev.3/2012
Page 1 of 3
Loan Amount: The loan amount will not exceed the lessor of
55%of the as complete value, or 55%of the
total allowable project costs.
Loan Terms: Monthly interest only payments with accrued
interest and principal due upon a maturity of
12 months.
Current Interest Rate: The rate will be variable at Wall Street Journal
Prime + 1.00%with a 4.25% rate floor.
Current Index(Changes Monthly): The current index for your loan is 3.25%as of
the 1st day of October, 2014. The index can
change monthly.
Margin: The margin for your loan is 1.00%.
Loan Fee: 1.00%of the loan amount
Deposits: The Borrower and or related parties will
maintain primary banking accounts with the
Bank.
Expenses: In addition to the above loan fee, Borrower
shall be responsible for payment of all
reasonable costs including, but not limited to:
appraisal, title insurance, environmental
investigation/insurance, filing fees,third-party
inspection fees and survey.
Assuming Bank's standard loan documents
are used, attorney's fees are not anticipated.
Documentation Requirements: The following will be required prior to closing:
1. Acceptable appraisal
2. Operating agreements for all borrowing
entities
3. Any other documents reasonably
required by Bank or its legal counsel
OTHER CONDITIONS
Project Equity: Prior to loan closing all equity must be in the
project or transferred to a FirstBank account.
This commitment letter shall survive the loan closing. If any terms of this
commitment letter conflict with the terms of the loan documents,the loan
documents shall govern.
Rev.3/2012
Page 2 of 3
This Letter of Loan Commitment is not assignable and must be executed and delivered
to the Bank by November 13, 2014. The loan must close by December 31, 2014. If the
terms outlined are acceptable, please sign below. The information contained in this
Letter of Loan Commitment is confidential and is intended for the express use of Betty
Ford Alpine Gardens and FirstBank.
Please contact me directly at 970-479-3301 with any questions. Thank you very much
for providing FirstBank the opportunity to participate in this project.
Sincerely,
11 4
thp
Kyle Diebel
Assistant Vice President
APPROVED AND ACCEPTED by me this day of
BY: Betty Ford Alpine Gardens
Rev.3/2012
Page 3 of 3