Release of Mortgage and Full Payoff Confirmation between Art’s-Way Manufacturing Co., Inc. and U.S. Bank National Association
This letter from U.S. Bank National Association to Art’s-Way Manufacturing Co., Inc. confirms that the company has fully paid off its loan obligation dated May 1, 2013. The total payoff amount was $1,078,195.61, covering both principal and interest. As a result, the bank has processed the release of the mortgage on the property located at 101 Dayton Ave., Ames, Iowa. This document serves as official notice that the debt is satisfied and the mortgage is being released.
Exhibit 10.1
February 10, 2016
Art’s-Way Manufacturing Co., Inc.
5556 Highway 9
Armstrong, IA 50514-7566
| Re: | Obligation Paid in Full |
Ladies and Gentlemen:
Reference is made to the Obligation (22 / 7431732097 / 42) dated as of May 1, 2013 between Art’s-Way Manufacturing Co., Inc. (the “Borrower”) and U.S. Bank National Association (the “Bank”).
This obligation is now paid in full and a request to release the mortgage for 101 Dayton Ave., Ames, IA 50010 has been processed.
Payoff As of February 10, 2016
Principal: $1,077,392.95
Interest: $ 802.66
Total Amount: $1,078,195.61
If you have any questions regarding this notice, please contact Doug Ragaller at (XXX)-XXX-XXXX.
Sincerely,
U.S. BANK NATIONAL ASSOCIATION
Doug Ragaller, Market President
