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FOSSnRHSHEPA DOLFF <br />AND <br />DONNELLY <br />P. Gary Petersen <br />Dr. Dennis S. Killian <br />Northco Financial Corporation <br />December 11, 1981 <br />Page 2 <br />for the property (attached as Exhibit 1) and the parties met at our <br />Minneapolis office at approximately noon on September 2, 1981. After <br />some discussion and revisions of earlier drafts, the final Purchase <br />Agreement was negotiated and the closing took place. A copy of the <br />Purchase Agreement is attached as Exhibit 2. <br />The persons present at the closing were: Gladys Olson, her attorney <br />Gordon Taylor (and his associate), Jim Beck, Gary Petersen, Randeen <br />Petersen, and me. Dennis Killian was also in our office. <br />Essentially stated, the Purchase Agreement called for the following: <br />1.' Conveyance by Gladys L. Olson of Lots 30, 31, and 32 to <br />Northco Financial Corporation (Warranty Deed attached as <br />Exhibit 3); <br />2. Assignment of Vendee's interest in the Contract for Deed <br />between Richfield Bank 6 T ,ist Co., as vendor, and A. Odden 6 <br />Company, Inc., as vendee, to Northco Financial Corporation, <br />relating to Lots 21-29, and 33 (attached as Exhibit 4; the <br />Contract for Deed is attached as Exhibit 5); <br />3. Warranty deed from A. Odden 6 Company, Inc., to Northco <br />I-rancial Corporation on Lots 21-29, and 33, subject to Contract <br />for Deed (attached as Exhibit 6); <br />4. Second Mortgage in the amount of $50,000 back to Gladys L. <br />Olson on Lot 30 (attached as Exhibit 7); <br />5. First Mortgage back to Gladys L. Olson in the amount of <br />$20,000 on Lot 31 (attached as Exhibit 8); <br />6. First Mortgage back to Gladys L. Olson in the amourt of <br />$20,000 on Lot 32 (attached es Exhibit 9); <br />7. Promissory Note in favor of Gladys L. Olsen in the amount of <br />$89,231.38 (attached as Exhibit 10); <br />B. Mortgage and Promissory Note back to P. Gary Petersen in the <br />amount of $36,679.89 on Lots 21-29, and 33 (attached as Exhibit <br />11). <br />Prior to this closing, P. Gary Petersen and Randeen Petersen were <br />vendees on a second Contract for Deed from A. Odden 6 Company, Inc. <br />(attached as Exhibit 12). The Quit Claim Deeds relinquishing their <br />rights in the property (attached as Exhibit 13) have the effect of <br />terminating this Contract for De-d. In addition, a Mutual Release <br />