Exhibit 10.17
REVOLVING LINE OF CREDIT NOTE
| $2,000,000.00 |
Minneapolis,
Minnesota |
| |
September 28, 2006 |
FOR VALUE
RECEIVED, the undersigned UNITED FINANCIAL CORP.
(“Borrower”) promises to pay to the order of WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office
at Correspondent Banking Minnesota, 90 S 7th Street, Minneapolis,
Minnesota 55402, or at such other place as the holder hereof may
designate, in lawful money of the United States of America and in
immediately available funds, the principal sum of Two Million
Dollars ($2,000,000.00), or so much thereof as may be advanced and
be outstanding, with interest thereon, to be computed on each
advance from the date of its disbursement as set forth
herein.
INTEREST:
(a)
Interest . The outstanding principal
balance of this Note shall bear interest (computed on the basis of
a 360-day year, actual days elapsed) at a rate per annum one and
one-half percent (1.50%) above the Fed Funds Rate in effect from
time to time. The term “Fed Funds Rate” means a
fluctuating interest rate per annum set by Bank at approximately
noon each business day as the rate at which funds are offered to
Bank by Federal funds brokers. Borrower understands and agrees that
Bank may base its quotation upon recognized market sources,
including such quotes as are received by Bank from Federal funds
brokers of recognized standing selected by it.
(b)
Payment of Interest . Interest accrued on
this Note shall be payable on the last day of each March, June,
September and December, commencing September 30, 2006.
(c)
Default Interest . From and after the
maturity date of this Note, or such earlier date as all principal
owing hereunder becomes due and payable by acceleration or
otherwise, the outstanding principal balance of this Note shall
bear interest until paid at an increased rate per annum (computed
on the basis of a 360-day year, actual days elapsed) equal to four
percent (4%) above the rate of interest from time to time
applicable to this Note.
BORROWING AND REPAYMENT:
(a)
Borrowing and Repayment . Borrower may from
time to time during the term of this Note borrow, partially or
wholly repay its outstanding borrowings, and reborrow, subject to
all of the limitations, terms and conditions of this Note and of
any document executed in connection with or governing this Note;
provided however, that the total outstanding borrowings under this
Note shall not at any time exceed the principal amount stated
above. The unpaid p
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