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" SEP 05 '91 15:27 FULLER_&_FINNEY G12-835-2984 P.2/3 <br />FULLER & FINNEY <br />Attorneys at Law <br />3300 Edinborough Way <br />Suite 712 <br />Edina, MN 55435 <br />Tel. No. (612) 835 -9900 <br />Fax No. (612) 835 -2984 <br />Stuart L. Finney <br />Mark E. Fuller <br />Andrea S. Carty <br />September 6, 1991 <br />SENT BY FAX- -(612) 484 -4538 <br />Attn: Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 East Little Canada Road <br />Little Canada. MN 55117 <br />Re: City of Little Canada $500,000 Commercial Development <br />Revenue Note of 1980 (Yorkton Industrial Building) <br />Dear Mr. Hanson: <br />The undersigned represents Newcastle Associates, the borrower <br />regarding the above-referenced project. The financing transaction <br />was closed in late August, 1980 and Newcastle Associates has owned <br />and operated the project since that date. Newcastle Associates <br />has now agreed to sell the property to Dimed Corporation pursuant <br />to a Purchase Agreement dated August 7, 1991. The purchase <br />transaction provides for Dimed Corporation to assume the existing <br />financing. <br />The loan is currently held by First Trust National Association and <br />administered by Washington Square Capital, Inc. Washington Square <br />Capital, Inc., on behalf of First Trust National Association, has <br />prepared the assumption documents in conformance with the loan <br />documents executed in 1980. <br />Pursuant to Paragraph 4.03 of the Loan Agreement, in order to <br />consummate the transaction, Newcastle Associates is required to <br />provide the City of Little Canada with thirty days' advance notice <br />of the sale. Newcastle Associates as seller and Dined Corporation <br />Page 20 <br />