BLUE VALLEY BANCORP
PROPOSED TERM SHEET
Borrower: Blue Valley Bancorp
Principal Balance: 1) $15,000,000 2)$ 2,330,916
Maturity Date: 1)January 31, 2009 2)January 31, 2009
Interest Rate: 1)LIBOR + 250bps 2)LIBOR + 250bps
Payment Terms: 1) Same as existing 2) Same as existing
Collateral: Same as existing agreement plus 1st REM on property
located at 13401 Mission Rd., Leawood, Ks, 2nd REM on property located
at 7900 College Blvd., Overland Park, KS.
Loan Covenants: No change in NPA covenant or Capital covenants. No
test for the ROAA covenant at 12/31/08. Any loan covenant violations
currently outstanding as of 09/30/08 will be waived at the time when
this proposed term sheet is accepted by the borrower.
Other: Borrower will be responsible for all costs associated to the
closing of this transaction including but not limited to title work,
filing fees, and preparation of all loan documentation. Borrower to
provide evidence of insurance listing JPMorgan as mortgage holder on
each of the properties described above. Bank will order an updated
appraisal on both properties at the expense of the Borrower. In the
event either property is sold or refinanced at an amount acceptable to
the Bank, 100% of the net sales or refinancing proceeds will be
applied to the outstanding principal balance of the Borrower's loan
obligations at the Bank.
Please note that the terms and conditions noted above are for
discussion purposes only and are subject to final Bank approval, no
adverse change in the financial condition of Borrower, acceptable loan
documentation and a final closing date of no later than October 31,
2008 unless extended in writing by the Bank at its sole discretion. If
you are in agreement with the proposed terms and conditions, please
indicate by signing and dating below and returning the executed term
sheet by no later than October 17, 2008.
Agreed to and Accepted by:
Blue Valley Bancorp
By: /s/ Mark Fortino Date: 10/15/2008
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Its: CFO
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