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OPPENHEIMER WOLFF FOSTER SHEPARD AND DONNELLY P. Gary Petersen Dr. Dennis S. Killian Northco Financial Corporation December 11, 1981 Page 3 was executed between P. Gary Petersen, Randeen Petersen and A. Odden G Company, Inc., to evidence the termination of that Contract for Deed (attached as Exhibit 14). We al3o obtained Sellers' Affidavits from both Gladys Olson and the Petersens (attached as Ex'iibit 15). The financial aspect of this transaction is set forth in the Settlement Statement (attached as Exhibit 16). The $8,026.35 cash shown to P. Gary Petersen was not paid, it being contemplated that that amount would be obtained by Gary sometime in the future in the reconveyance from Northco. We were concerned about a judgment against Gladys Olson and in favor of Mssrs. Moshou and Seidenkranz in the amount of $65,036. With interest, this judgment could have exceeded $100,000. Prior to closing we obtained a letter from the judgment creditor's attorney to provide for a release of this judgment upon payment of $4,500 by Gladys Olso•,. A copy of this letter is attached as Exhibit 17. We had other title concerns, and they were addressed by protective provisions in the Purchase Agreement. I was successful in negotiating a $5,500 reduction in the share payable to Gladys L. Olson on the grounds that this was her fair share of the Burdick mortgage. The checks used in connection with the-,urchase by Northco are attached as Exhibit 18. Immediately after the closing, Gordon Taylor and I went to the Hennepin County Sheriff's office to redeem the Burdick mortgage by paying $5C,419.49 to the Sheriff. A copy of the Certificate of Redemption is enclosed as Exhibit 19. A delinquency existed in the Contract for Deed with Richfield Bank 6 Trust Co. Thus, we obtained a letter from the bank indicating it would extend repayment of its Contract for Deed until September 1, 1982, at which time it is due and payable in full together with 12*' inteiast accruing from September 1, 1981, through September 2, 1982. This letter is attached as Exhibit 20. As a result, it was required that $3,542.56 in arrears be paid to Richfield, bringing the principal balance as of September 1, 1981, to $19,105.11. Correspondence concerning this matter is attached as Exhibit 21. Conrurrent with this closing, the a,x-month redemption period on the first mortgage in favor of Midwest Federal, covering Lot 30, was nearing expiration. The unpaid balance on this Midwest Federal mortgage was approximately $105,000 at the time of the closing, and