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The First Stdte 1 <br />Bank of Miami <br />MIAMI BRANCH <br />7900 N.E. 2nd Avenue <br />Miami, FL 33138 <br />Phone: 305/756.3210 <br />September 9, 1981 <br />Revised October 26, 1981 <br />Revised January 15, 1982 <br />Indian River County <br />c/o George G. Collins, Jr., EsQ. <br />Collins, Brovrn, Caldwell, and Evans <br />P. 0. Box 3686 <br />Vero Beach, Florida 32960 <br />Re: INDUSTRIAL DEVELOPMENT BONDS <br />ROBERT H. DAVIS AND WILLIAM A. DAVIS <br />$850,000.00 <br />Gentlemen: <br />This letter is to serve as the Bank's commitment to pur- <br />chase from Indian River County limited Revenue Bonds for <br />the total amount of $850,000.00 (face value Bonds at 1000). <br />The purpose is to provide funds for land acquisition and <br />construction of approximately 24,000 square feet of factory <br />and office space and term financing. The site is located <br />in Indian River County. This commitment is subject to the <br />following terms and conditions: <br />a. Said Bonds shall earn interest at the rate <br />of 12-1/2o for the first five years. The <br />rate thereafter may, at the Bank's option, <br />be increased to a maximum of 70o'of the <br />Bank's prime lending rate. <br />b. Said Bonds shall be secured by: <br />1. A first mortgage upon the Real <br />Property and all improvements.to be <br />built thereon, owned in fee simple by <br />Robert H. Davis and William A. Davis. <br />The legal description of which is to be <br />determined by a current survey. The <br />mortgage shall be in a form acceptable <br />to the Bank. <br />2. A security lien upon all equipment, <br />furnishings, and fixtures, owned by <br />Rampmaster Incorporated. <br />C. Payment:of the Bonds shall be guaranteed <br />individually by Robert H. Davis, William <br />A. Davis, and by Rampmaster Incorporated. <br />-1- <br />MEMBER FEDERAL RESERVE SYSTEM <br />55 <br />G\ <br />BOOK 48 fA6F 1 <br />