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OPPENHEIMER WOLFF FOSTER SHEPARD AND DONNELLY P. Cary Petersen Dr. Dennis S. Killian Northco Financial Corporation De -ember 11, 1981 Page 4 we were very concerned that Northco be able to refinance this $105,000 before the expiration of the six-month period of redemption. Thus, we obtained a written letter from Wallace E. Berg, Vice - President and Secretary of Midwest Federal, commiting to the refinancing. Hi3 letter is attached as Exhibit 22. On the day of the closing, and prior to the closing, I delivered a response to Mr. Berg's letter indicating that the commitment would be accepted and that we were closing on the transaction in reliance upon his refinancing. A copy of my letter is attached as F:=Xil,_ -. 23. On or about September 8, 1981, Jim Beck of Nort.*.; visited with Midwest Federal for the purpose of refinancing th Aidwest Federal loan. On Thursday, September 10, 1992, we received a verbal commitment from Midwest Federal. On Friday, September 11, 1981, we closed on the refinancing with Midwest Federal. This closing occurred at Stewart Title, Minneapolis, Minnesota. The persons present at that closing were the closer Jan Flaherty, Jim Beck, and myself. This closing involved the following documents: 1. Commitment letter and estimate of closing costs from Midwest Federal, attached as Exhibit 24; 2. Mortgage Fite, attached as Exhibit 25; 3. Mortgage Deed, attached as Exhibit 26; 4. Certificate of Redemption, attached as Exhibit 27; S. Settlement Statement, attached as Exhibit 28; 6. Corporate Resolution, attached as Exhibit 29; and 7. Escrow agreement regarding payment of delinquent taxes, attached as Exhibit 30. In connection with that closing, I also delivered the other document• previously executed at the September 2, 1981, closing to Stewart Title fot filing in the appropriate offices. This required delinquent taxes and penalty in the amount of $8,104.33 be paid. Receipts for those taxes are enclosed as Exhibit 31. As part of the Midwest Federal mortgage, you are required to pay 51,113.7E per morph commencing November 1, 1981, and continuing monthly t.,ereafter until October 1, 1984, at which time the entire balance is due and payable in full. In addition, amounts must be escrowed for insurance and taxes. The "due -on -sale" clause in the mortgage has been deleted.