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St. Paul <br />December 11, 1981 <br />IVP� <br />P. Gary Petersen <br />2661 Arcola Lane <br />Minnetonka Beach, <br />Minnesota 55361 <br />Dr. Dennis S. Killian <br />2649 Arcola Lane <br />Minnetonka Beach, <br />Minnesota 55361 <br />Northc^ Financial Corporation <br />1219 Marquette Avenue <br />Minneapolis, Minnesota 55403 <br />RE: Purchase of Lots 21-33, Baldur Park <br />Hennepin County, Minnesota <br />Gentlemen: <br />Set forth below is a summary of the transactions relating to the <br />above -referenced property. This summary will address (1) the <br />Purchase by Northco and (2) the resale to Tonka Lake Properties. <br />1. Purchase by Northco. <br />My initial services on this matter arose in connection with the <br />foreclosure of the Burdick mortgage. This mortgage had been the <br />subject of a sheriff's sale on Mar-h 2, 1981, and therefore the six- <br />month period of redemption expired on September 2, 1981. As this <br />redemption period neared expiration, discussions took place among <br />various parties for the purpose of selling the subject property. As a <br />result of these discussions, a Purchase Agreement was drafted <br />whereby, in essence, Gladys L. Olson, A. Odden 6 Company, Inc., P. <br />Gary Petersen, and Randeen Petersen agreed to sell subject property <br />to Northco Financial Corporation. It was antic2rated that although <br />Northco would purchase the property, Gary Petersen would at some time <br />in the future repurchase the property erom Northco after payment of <br />certain obligations to Northco. <br />Prior to September 2, 1981, no definite decision had bee -,made by any <br />of th arties with respect to this proposed sale. In anticipation of <br />fItmi up the details of the transaction, we prepared title opinions <br />