BLUE VALLEY BANCORP PROPOSED TERM SHEET
Exhibit 10.9
BLUE VALLEY BANCORP
PROPOSED TERM SHEET
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 00000 Xxxxxxx
Xx., Xxxxxxx, Xx, 2nd REM on property located at 0000 Xxxxxxx Xxxx., Xxxxxxxx
Xxxx, XX.
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/ Xxxx X. Xxxxxxx
|
Date: 10/15/08 | ||||
Its: Chief Financial Officer
