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r <br />[TO BE RETYPED ON EQUITY LENDING. INC.*S LETTERHEA])) <br />September 23. 1994 <br />City of Orono <br />c/o Tom Barrett <br />POPHAM HAIK <br />3300 Piper Jaffray Tower <br />222 South 9th Street <br />Minneapolis, MN 55402 <br />RE: Plat of Walnut Creek by Wheaton Construction. Inc. <br />Dear Sir/Madam: <br />Equity Lending , Inc. ("Equity") is the holder of a Sheriffs Certificate which co /ers the <br />property encompassed within the plat ot Walnut Creek (the 'Plat ) and adjacent properly. <br />The redemption period will expire on November 20, 1994. <br />In consideration of the final approval of the Plat by the City ot Orono ("City") and the <br />benefits to be derived therefrom by Equity, Equity hereby covenants and agrees with City, <br />that Equity, as the holder of the Sheriffs Certificate, will execute the Plat and any documents <br />required by City in connection with the approval of the Plat, and further that: <br />1. If Equity becomes the owner of the property encompassed with n the Plat by <br />virtue of no redemption from the foreclosure sale by Wheaton Consiruclion, <br />Inc. ("Wheaton"). Equity will be bound by all t the requirements of City with <br />respect to the approval of the Plat, including, but not limited to. those <br />requirements set forth in that certain Resolution of the City Cou icil of the Ciiy <br />of Orono dated ________________. Resolution No.------- and <br />2. If one or more of any lienholder junior to the interest of Equity files a notice <br />of intention to redeem as a junior creditor on or before Novemb;r 20. 1994, <br />Equity will, on or before November 20. 1994. fully satisfy the l en of such