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OCT. 20. 2003 1:OOPM ''BAY AREA BANK NO. 827 - P. 2 <br />O <br />Conditions of the Facility <br />1. A comprehensive fund raising campaign for the purpose of repaying <br />borrowed funds to be presented to Bank This plan must be <br />satisfactory to Bank and Guarantor, and show sufficient capacity to <br />generate pledged funds which will retire the credit facility maturity. <br />2. Requests for loan disbursements shall be submitted to Bank in writing <br />on a progress of completion basis. Draw requests to be approved by <br />Bank, Borrower, Construction Supervisor, and Guarantor. <br />3. Guarantor to provide evidence of bonding capacity in an amount <br />sufficient to support the guarantee, in a form acceptable to Bank. <br />4. Borrower to establish its banking relationship with Bay Area Bank. <br />5. Borrower to provide to Bank periodic fund raising reports, which <br />include detail of amounts pledged and amounts received from each <br />pledging party. The reports are to be provided every six months. <br />Although this letter is not a loan commitment, our ultimate credit evaluation and further <br />discussion with you will enable us to decide if and under what terms and conditions a <br />commitment should be granted. <br />We appreciate the opportunity to evaluate your banking needs, and we look forward to <br />working with you in the near future. <br />Sincerely, <br />Glen Nissen <br />Senior Vice President <br />