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OPPENHEIMER WOLFF <br />FOSTER SHEPARD <br />AND <br />DONNELLY <br />P. Gary Petersen <br />Dr. Dennis S. Killian <br />Northco Financial Corporation <br />December 11, 1981 <br />Page 5 <br />2. Resale to Tonka Lake Properties. <br />At the time Northco purchased the property, it entered into an <br />agreement, enclosed as Exhibit 32, to resell the property to Dennis <br />Killian, Gary Petersen, and Randeen Petersen upon payment of $20, 000, <br />with an indemnity agreement back to Northco. On November 17, 1981, <br />we closed on the sale from Northco to Tonka Lake Properties, a <br />partnership consisting of Dennis S. Killian and P. Gary Petersen. <br />This closing occu.red at our Minneapolis office. Gary Petersen and <br />Jim Beck were present. Cary Petersen had previously paid the amount <br />due to Northco. <br />Pursuant to the resale Tonka Lake Properties, the following documents <br />were used: <br />1. Quit Claim Deed for Lot 30, attached as Exhibit 33 and <br />recorded as Doc. No. 1448163; <br />2. Quit Claim Deed for Lots 31 and 32, attached as Exhibit 34 <br />and recorded es Doc. No. 1448162; <br />3. Written extension o: the Contract for Dee,! with Richfield <br />Bank 6 Trust, attached as Exhibit 35 and recorded as Doc. No. <br />1448164; <br />4. Assignment of vendee's interest in the Contract for Deed <br />with Richfield Bank S Trust, attached as Exhibit 36 and recorded <br />as Doc. No. 1448165; <br />5. Quit Claim Deed for Lots 21 through 29, and 33, attached as <br />Exhibit 37 and recorded as Do,:. 1448166; <br />6. Indemnity Agreement, attached as Exhibit 38, Corporate <br />Resolution by Northco, attached as Exhibit 39, Assignmen•: of all <br />rights, warranties and obligations of Northco to Tonka Lake <br />Properties, attached as Exhibit 40, and the Settlement <br />Statement, attached as Exhibit 41. <br />In addition, I remind you to change the insurance binder to name Tonka <br />Lake Properties rather than Northco. <br />Att. -hed as Fxhibit 42 are letters which I wrote to Richfield Bank 6 <br />Trusc, Midwest Federal, and Gladys Olson informing them of the <br />transfer of ownership and the fact that payments under the <br />obligations to those parties would be taken over by Tonka Lake <br />Properties. <br />