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<br />. ,. ( ---=::.::,L=- ( <br /> --------- . ~ <br />- EVEREST DEVELOPMENT LTD <br /> AMI,\ll,IRI)llli!I\'IRLSlt;R()LII'[lD <br /> September 6, 1994 <br /> Martin Harstad <br /> Harstad Homes, Inc. <br /> 2195 Silver Lake Rd. <br /> New Brighton, MN 55112 <br /> Re: Harstad Property <br /> Parcel ID: #21-30-23-31-0001 <br /> Arden Hills, MN <br /> Dear Mr. Harstad: <br /> This letter outlines the basic terms and conditions under <br /> which Everest Development, Ltd. , and/or its affiliates <br /> (hereinafter "Buyer" ) would agree to purchase the property <br /> described below: <br />. 1. The Property: Undeveloped land totalling approximately <br /> 9.92 acres located east of Round Lake Road West and <br /> northeast of 14th street N.E. in Arden Hills, <br /> Minnesota, as depicted on the attached property map. <br /> Exact legal description to be supplied by Seller to <br /> Buyer. <br /> 2. price: Buyer would pay to Seller, upon transfer of the <br /> Property to Buyer, a purchase price based on $1.00 per <br /> square foot of net developable land area (exclusive of <br /> roadways, wetlands, easements, etc.). <br /> 3. Terms: <br /> (A) Cash. One-third (1/3) of the purchase price <br /> would be paid to Seller in the form of cash at <br /> closing. <br /> (B) Contract for Deed. The balance of the purchase <br /> price (2/3) would be paid to Seller pursuant to a <br /> Contract for Deed entered into between Buyer and <br /> Seller at closing. Said Contract for Deed would <br /> provide for monthly payments based on a 20-year <br /> amortization schedule, with eight percent (8%) <br /> interest, and a 10-year balloon payment. Buyer <br /> would have the right to prepay the Contract for <br />. Deed balance at any time without penalty. <br /> lntentl t (e) <br /> 2()S,S long Lake ROcld <br /> r.o. Box 1:J0190. Ro,evill", MN 55113 <br /> (() 12) 636.SS00 Fax: 1(12)(,36-0183 <br /> .._-~,-.- <br />