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1.2 The Bank has entered into a Voluntary Foreclosure Agreement with Odo <br />Properties, LLC, a Minnesota Limited Liability Company (hereinafter "Odo "). A short form <br />copy of the Voluntary Foreclosure Agreement is attached hereto as Exhibit "A ". Said <br />Voluntary Foreclosure Agreement is dated April 10, 2009. Pursuant to said Voluntary <br />Foreclosure Agreement, the Bank has commenced a voluntary foreclosure by advertisement and <br />the Sheriff's sale is scheduled for June 3, 2009, at 10:00 AM. <br />1.3 Little Pine owns a valid second mortgage dated March 15, 2007, recorded March <br />20, 2007, as Document No. 726746. Little Pine also recently received a Quit Claim Deed <br />executed by Odo Properties, LLC, a copy of which is attached hereto as Exhibit B. <br />1.4 The City desires to purchase the property and Little Pine has agreed to release its <br />mortgage on the Subject Property for the total consideration of $50,000.00. <br />1.5 The City is a municipal corporation and statutory city under the Laws of the State <br />`" of Minnesota. <br />I <br />1.6 The City and Little Pine have requested the Bank postpone its mortgage <br />foreclosure scheduled for June 3, 2009, at 10:00 AM, provided the parties execute this <br />Agreement and comply with its terms and conditions. <br />1.7 The City has requested and the Bank has agreed to release its mortgage on the <br />Subject Property for the full amount owing to the Bank, including principal balance, interest, <br />costs, late fees, and attorney's fees, currently $ <br />NOW, THEREFORE, in consideration of the City's payment to Little Pine the Bank is <br />willing to postpone the Sheriff's sale scheduled for June 3, 2009, at 10:00 AM and for other <br />good and valuable consideration the sufficiency of which is hereby acknowledged by and <br />between the parties, the parties agree as follows: <br />2 <br />