Heartland Financial Group, Inc.

Pursuant to industry standards, and explicit in Heartland Commercial Finance’s Letter of Intent: (1) lease term is fair market value; (2) pricing/rate, payment length, and End of Terms are defined; and (3) if the transaction is approved, and the Lessee seeks other means of financing, the Lessee’s...

consideration (Good Faith Deposit) is held on account for future business.   On February 7th, 2017, Mr. [redacted] signed Heartland Commercial Finance’s Letter of Intent (please see attached), confirming Lessee has committed to work with Lessor, pending no material change is made from the Letter of Intent to the core documents.  To date, lending remains approved identically to the signed Letter of Intent and available with no change in pricing, term length, end of term option, etc. to Mr. [redacted] per the Letter of Intent which was signed by him.  No terms/conditions of Heartland Commercial Finance’s Letter of Intent has been modified.  Subsequent to signing Heartland Commercial Finance’s Letter of Intent, Mr. [redacted] believed he could secure more favorable terms elsewhere, and requested Heartland Commercial Finance’s Letter of Intent be voided.  To remain in good standing with Heartland Commercial Finance’s clients, and venders, we are unable to discharge executed Letters of Intent, but are most certainly willing to apply funds on account to future equipment leasing schedules.