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AL G 03 '93 10:35 ATS,INC. WEL P.1 <br /> MICHAEL C. FL'EMING <br /> ATTORNEY AT LAW <br /> MU WGHwAY 61 <br /> WWU ITAX LAZZ,HMNUMA 33116.3M <br /> (6W 429.33M <br /> TELECOM (6u)t29. M <br /> August 2, 1993 <br /> Mr. Kirk Corson <br /> unUmnann Develooment Company, Inc. post•It"brand fax transmlttalmemo7V1 #Of pages <br /> > <br /> 9174 Isanti Street, N.E. <br /> Blaine, MN 55434 <br /> Co. <br /> RE: Wenzel Closing o.Pi. one <br /> August 51 1993 Fug Fax <br /> Dear Kirk: <br /> Based on the hinutidwent to Purchoao Agreement , T Am working on a <br /> draft of the proposed Promissory Note and Purchase Money <br /> Mortgage. <br /> Based upon the purchase agreiment, we are Belling to you 25.51 <br /> acres at $16, 500.00 per acre, -representing* a total purchase price <br /> of $420,915.00. <br /> At the time of closing we will receive $30,000.00 earnest money <br /> including the $5,000.00 curt ntly on deposit. As a result, the <br /> balance due pursuant to The' <br /> note and mortgage will be <br /> $390,915.00. The promissory note, a draft of which is provided, <br /> will provide for an initial installment payment on September 30, <br /> 1993, in Lne amount ur $35,000.00. AccoraingJy, the principal <br /> balance on September 30, 1993, will be $360,413.48. Dividing <br /> this figure by five, it would appear that the equal annual <br /> installments commencing September 5, 1994, should be in the <br /> amount of $72,000.00, plus all accrued interest. <br /> Please review these figures � nd the proposed note and give me a <br /> call should you have any questions. I will be providing a copy <br /> of the proposed warranty deed, promissory note and purchase money <br /> mortgage to the closer. � : <br /> Yours truly, � <br /> j MICHAEL C. FLE. G , <br /> MCF/ds <br /> Enclosure <br />