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233577 -- � . 23�5�7'� ' : . ORI�11iAL i0 CITY GLERK �}.,.- �y CITY OF ST. PAUL FOENCIL NO. _ _ � OFFICE OF THE CITY CLERK � I,TCEPISE CpI�R�LCTP� COU CIL RE OL TION—GENE L FORM � � Aqay 23, 1967 PRESENTED BY COMMISSIONE � DATF EFSOLVE7: That Application J-15836 for the transfer of On Sale Liquor License No. ?108, e�oirir� January 31, 1968, issued to the Biltmore Ziotor Hotel., Inc. at , 1870 Old HudsonRoad, be and the same is hereby taansferred to the Tuller P�Iotel Corp�ration at the same address. On Sale Liquor Establishment TRANSF�R (Zicensees) Informally approved by �ouncil April 27, 1967 �ld Location COUNCILMEN Adopted by the Council �� 3 �'`�.9— Yeas Nays �� '��3 �9�� . Carlson Dalglish � Approvec� 19.._ Holland Tn FavOr Meredith '1 � Peterson U Mayor Tedesco A ga�gt Mr. President, Byrne PUBLISH�ED MAY 2 719�� 22 � - cF ;��351� � '�� ' CI'TY O F ST. PAU L � �. , � . ` APPLICATI(�N FOR "UN SALE" LIQUOR LICENSE T�ller N[otel Corporation d/b/a/ as Ramada Inn of Application No. .^ Name of Applicant....Saint Paul and Ia.kes and...Pin�s Motel �e _ � _ ........__. .�__....__,._...�....._...__......_. �R,esidence Address 1S'�0 Old �Huds on Ro3d�St.Paul,Minnes otaretephone No.735_-?330..___._..� Are you a citizen of the United States?_ .._...Ye S __.._..._.__..__._...._..._....__..__....__..._...__..__._.__. ...__._............_._..._ Have you ever been engaged in~operating a saloon, cafe, soft drink parlor, or business of similar nature? No Whenand where?....._.....-I�o.___.�_.____. _...._.._._._..__.............._---.........._......____..._.._...._.._...__.� if corporation, give name and general purpose of corporation.....`�`�ller�otel Cor�,or�.t�'of��-�.general .business QurQoses�_ includin_g__operation of motels__......__.__—.._._..�'�'•�� -'" "� �'- April 18, 1967 � � ' � �"� When incorporated?.. _... __ . ....___........._...._.._._.___.........._.__..�...._. ``'_. - "' `... � - . �._..�- ..._---��,= � ��- If club, how long has corporation owned or leased quarters for club members?...._.___._=..�.:.. ~ ' . - . .._._.�._. - a - ,�,..-. Ho«� many members?_.._.,._...._.._.__._..�._:...___._....._.__�_..._..._ " � -t�. - - ; , �.:'� • ; Names and addresses of all officers of corporation, and name and address of general rriaxrager. . . .. . . .`. ::. . . ::_ . - ,: ..._..._...�9.ugu�st.a._Iluke.,._..1$.7.Q Q�..d...Hud�.nx�.�ad._..-....Ps.��i�.e_�,......T�'��.su�'e�".�.�:�.S�n�_`_L�anager .,,, ..__..._...�,ndrev�....�iurd�,..___._.__._.._.__..._"....__._. _.._.___..-..V_._.President,� .Secretary '8c� Ass �.t Ma,nager Names and addresses of Stockholdere: ..............Wi11is....P.._..Tuller,�_.�3� North Michi�an...Avenuea__Chica�o_ 1, Illinois ._______.____._.._...__.— , _.............sole__stockh.older and single director. ,< :, ... • . . _.....`ti��,.::.:��.:..:=,_.__.._... ....................._...__._...__..._....._.••-___..._...._.._.�..__.............._.._....._..__...._._.._... .. C� •� � . . . Giveu�i�am�_o�surety.company which will write bond, if known_5�:�_.�sr:��.._...F��.e....¢n�d._.n1s�.va_.wt..._.��...C�:o_ ti �'"' .� ^ . ; �Iurz►ber �-�-, �-.'�tr`�et Side Between What Cross Streets Ward - ' . I-.$�'7,d • ..� `_-{ = O(Ll, � Sou`.T� :o�� w1��1-►„ . _ `,Y- ;�- ' '_�•'��`1��,�' ' �.31,a,41r �.s2. • ` �,� .. ,+, ,... � \? '_� ,V .!�' `� 1�`�' � . . ``�, • = _ �, . � °. ';, .}f -._, •`,i`\,`� . : : `� , _�'. How many �eet�from an academy, college or university (measured along streets) ?,�_..............�'_._:..._:::..._..�_.:....._,_:=___ , � � � " : � . � �—�` n•, f�pf�ron,_�ch��ch_(measured_alon�atreeta) ?.......�.3`.�.9_.�t._,,..._..___....._..___.�__A�.T..._._._._.._- .... I I 1 � � \ , . , i: - •, � I� ' • •-�� z� _ . . . . - , ^ ii . ' ' • - . . . , �; � ' �; ; .,.-;..,,_,,,_:�..,;�.,_ .i �; , __,� � ii � �9 , I? s ) : ; . . ;;Y. LL_,_ - - • . . � 3 � �� _ _ CITY OF SAINT PAUL • . Capital of Minneaota �e a�t�e�� o c��ic �a et � � � . POLICE Tenth and Minnesota Streets HEALTIi FIRE PROTECTION WILLIAM E. CARLSON, Commissioner POLICE AND FIBE ALARM ROGER M. CONWAY, Deputy Commiasloner �I� DANIEL P.Me LAUGHLIN, Lieense Inepector " April 27, �96? ;; ,; n Honorable Mayor and City Council Saint Paul� Minnesota - Gentlemen: Tuller Mote3: Corporation is joi.ned by the Biltmore Motor Hotel� Inc. (in receivership)� in making application for the transfer of On Sale , Liquor License No. 7108 expiring January 31, 1968,' issued to the Biltmore Motor Hotel, Inc. (in receivership} at 1870 Old Hudson Road to the Tul.ler � Motel Corporation at the same address. - . . �4- Tuller riotel Corporation also makes application for Hotel (160 ; units}� Restaurant� Foodstuff Vending Tiachine Zocation and Cigarette licenses for the same address. . The officers of the corporation are gugusta Duke� President and = ' . Treasurer; and Andrew Hurd, Vice-president and Secretary. Willis F. 'I�ller �� is the sole-stockholder and single director of the corporation. �� , � �; Z'his location has been licensed for a similar business s�nce � August 1963 when the present licensees, Biltmore r7otor Hotel, Inc. established the On Sale Liquor establishment in connection with the motel. _ The neta corporation ��ill continue to do business as the Ramada = Inn of S�, Paul ancl�or �akes and Pines PTotel. , Augusta �uke has been Manager of the Pony Express Motel� St. Joseph� Missour3. (owned by Willis P. �ullerj since 1958. Andreta �a.rd has been the Manager of. Restaurant at the Pony Express Motel, St. Joseph, Missouri (owned b y Willis P. Tuller) for a number of years. _ • Ve t ruly yours� ' �,� ��,G � License Inspector � 6 � 3 � � ' ... ` � 4 . . ! . ,. � . . , ' y . -. -" CITY OF SAINT P11IIL . � . � ,� ' DEPdETMENT OF PIIBLIC SAF�TY • _ . . LICENSE DIVISIQT - - � + � � Date � � L �I 19� 1,� Appiication for L�,qupr,Reetaurant, Hotel.Ciaaret e i,oaatiQn & License -�€'n�ing Maahlne 20 �aams of applicantAugusta Duke - Pregident and Treasurer,Tuller Motel Corpora- . � , - , • � tion ' 3, Busine&s address R�m'a.da I1121 Residenoe ` - " W-1781 First Nat'1 Ba,nk Blc�g. � _ . 4. T�rade name,�_if;any: g ' 8 - �� _ . � 5. Retail Beer Federal Tax Stsmp X Retail Liquor Federal Tax ,Stamp� �x will-be used. � � � ' Internationa.l Room, Oak �a 6. Qn what flqor lobated. 1 � Number of rooms used and Guest Rooms ?. Bet,i+reen what orosa streets1870 Old Hudson �g} 8�t��r�te Bear Ave. and . , _ - , . • 8� dre premisea n�xw ocoupie�Wl�t business ��,,,fl�� T„„ Havr long • � � Lakes & Pines Motel . 9, Are premiaes naw un.occupied Hav,r lang vacant Previous use - rl'0� dre you a new awner ��-ye� 8ave you baen in a similar buaineas before yes, 88 @mplOye@ -__..-_.�. � �hereony EXpre�s �'�o�e.�,� St., Jose�heMissduri - _ � - - llr Are you going to operate this businesa�personally yg8, &8 officer of Qorgor.ation If not� who will operata it • 12, Are you�i.n any other business at ,the preaent time no r� - � • 15�. • Bav� tkiere been any co�nplaints against your operation of this type of p1ao��Z'io'.: , - . _ . • -�� : ��-� "�� 4Phen YYhere , . � _ .;- __ a �� . • 140 �ve �you ever,�had any lioense revoked rip VPhat reason and date '^ �' �• ,'��:-' =�. � ._ � _ _ __ . � �,.:r_ �: .. - • � , :� - ` ' IlJ� ` �' f �~- 15o Are you a oitizen of �ha IInited 3tatea yes Native�� Naturalised � _ ) 16. Rhere were you born�� Date of birth ' .• �,�� '�7�� * �_ - '�` 7 17o I am�rriedp I.�y (wife's) (husband�a) name_and addre sa is,., -._ �� _ �� - . , . "_� 18p (If ine.rx��ed femaTe) u�y maiden name is ' • • 190 Haar long ha�ve you. lived in St� Paul f'rom and after April 26, I96Z � . .�,r.� _ . .. . __. _ . 20. Have you ever been a�r�ested no Violation� of what ariminal ,la�v or ordinance � . . �--, �, • - � . ; ---- . � — . .210 Are you a regist`er�d voter in the City of St� Paul Yes X No� (Answer Pu11V and�aompletelYs These a� �licat3.ona are �horou lil. checsls�d and an fal�ai__fication avill be cause for denia�� v . _ _ � ' �� AFF ZDAV IT BY APP2ICAIdT � _� FO$ ' , , � RE7'AIL BFER OR LIQUOR LIC$NS$ � �e� �j(/�Sale �( �v�F? Licen�e i�eu� o� ��p].iaant p �ta Duke President and Treaa r - 1 er o�el Corp. Bu�r i�m�s ��dt�►�n �� you �h� �ole a�mer o� th�� b�asinees4�� Yf ao'�a �e i:� � ��er$hip? �Q�I�t'�f�� Rh�1'1�� Mof.��,.,�'.ortlora.�,1 c�n o t�$he�'� iil�i�w1��7�i r �.�� 'w� iS�rYr �' • i� _ . . . . . . t'f�� $tl��r�t4 �kt buts9x�eseo �exaele thoee by �.man v£ monai3'• p�'o��ltr �r �therw��e� , N�m� �Ti113.s P. Tuller �dd��e��3'�0: �Miah2�an_Ave.'�crr �.a� t� ��r^� p� and � Chica�o, �l�.inoia direetor y i ■ • Y �'+.r.+q '* _ r�"�...._.. _ _ ' ' _ _ _ _ " f Ii' e t+o re►ti.on 3.ve i�+� n�s �: � . g ��.��.�...r_ ra� .e1 �Qr.�uax3a�i+�� .W+r r �;re �rou i.rxtera�t�d 3n �sy .ray iz► e�ny o��"r Re�i� Be�r t�r �,iqt�o� bu�ine�$Y No. �,e �ole owner? }iartn�r? S'too]chmY�er�? -.- -, . ..-� -- - . O�her��e7 {Throtigh loan oP money, etop Explain� �ddreas uP auoh buaineae and naturo of intereat in sAine ...e... ... . - �._. , - gna ure app �n Sta� of° Mir�maat� ' _ � es Cma�g of �►meey , -- - - • - - - -- , , , AL�guSta �uke beixig� firat duly aworn, depo�es and says upon oa � aa rea orego ng Offidavit bearing his signature and lrn.ows the �onttenta. therepf f that th� aam� im true of hia own lmawledg�, mxcept aa to thoee :;�•-' �at�p�►• •��b3,n �'Eatad�upon inforn�t3.on and belief and ae to thoae imsttt�re he be� � ,� i, l��p� �kte�t to � tru*Q ��`� .. � . _ ,, . _. • - - �` � _ � . �.. , • ;_ , i � , i• � ' � S �a ure o a pp o�� . ��. ` ; : __ ,b�b�dri�ad��ffid auorn to be�'ora m� � • , thie�dety of �hLL 19r� _�_..,.. o ry_ a D � ouu y, �fa-� � oamniseioa expirma ,6'�- //� 19�� a. _.,,..,�.� ..b..o..� -_ . • ,,. , . . . , �d . 9 � • STATF �' MINNESOT� SS COUNTY OF RAMSEY Atigtt8'�a. iDU.l�e being firat duly axorn, doth depoee and say that She makea this affidavit in oonnection with appliaation for " Ori Sale" liquor lioenae (" OPf Sale" malt beverage lioense) in the City of �eetint p�ul, Minnesota; that your affiant �is a resident of the City o#' Saint paul_ . �. , �� and has reaided therein for years, montha, and is . no�r and h�s boen for the tim�e above m�ntioned � bona fide reaident of said City � and that he now reaides at N0. � saint paul, �inneaota, � ) is Pre�ident and Treasurer of Tu11er Motel Corporat3qn, a Minnesata corporation v�rhose registered addreas is W-1781 �'irst Natianal Ba.nk �uilding, Saint Pau1, �Iinnesota 55101, that your affiant will, from and after April 26, 1967. be a bona fide resident of said City and will reside at Ramada Inn, 1870 Old Hudaon Road, Saint Pau1, Minnesota.. - _ � . � Subaoribed a�nd aw�rn to beforo m� thia �,irday of �� 19� ' r.��— ry ia Coun y, a `f1 °' � , =� ��ammia aion expires ,�-- l / ��` `- � `,� � -� . _ � - _. . �, _ :y = � �_ `\�y r��- _ � ; r� . � � .�. � � 4 _�. � � � - ' :_ , . � . r . �� { � : • � . � � � _ � {�,� ' • C ITY OF SA INT PAUI. . � ` � I � • , � � DEPA.BTP�IJT OF PiTBLIC SAFETY � ± • . - . LICENSE DIVISI� � , " " � • ' � Date Z 19� � � 1„ �Appiication. for]�iauor, r� s �rant,hotel,,aiga�ette.�location_&_venditige�ch�x�e �` ;? � 2o Nama of applicant_ �drew H�rdsVice p�es�, & Sec�y, 7.'uller Motel Corporation . � j 1J-1781 lat National Ba.nk Bldg. - � Ramada Inn - � � � . : . 3, Business address Reaidenoe - � � . --�------, i{ 4, -Trade name.� if any�,R�,,,g„�a-�.I�ti� �: ?,�tkP� A�–.PiriP� �Mot -�'-" �-- _ _ - - � I 5. RetQil Beer Federal Tax Stainp�_Retail�Liquor°Federal' Ta:��Stalnp�� will be used, i . . . , { Internat�.onal Room, Oak Room, ! 6. Qa �hat flqor l�ated. ' Number of rooms use3 ' 18'�0 Old Hudson Roa ween �Fii�e Bear Ave. and az i 7. _ Bet�+reen what csrosa strsets , �Which side of atreot . - i Ramac�a Inn / La.kes 8a P�ne� Niotel " I 8� Are premiaea n� ocaupied �,S �t business o�r ong _ 9p � Are premiaea now�unoccupied�D Hauv long vacan� Previous use �1�0� Are you a new owner �,.Aa 8ave you been in a similar busineas before �P� an emni oyee � � � o�reny Express Motal, St. Jasep�Missouri , _ � R 11. Are you going to operate this businesa�persona].ly�:Q �,� �ff`4�+Pr nf n n�r►nra�i nn If not,� who will operate it ' - 12. Are you�in any other business at the presant time rn . - - . . . - . : � � - - `""' 13,�_ . Bav� there baer� .any co�nplain.ts against your operation of this type of plaae n� _ , . �- . . , , . Whsn Where � . ' . • 14. �ve �you ever had any lioense revoked no VPhat reason and date . ; � . . � _. . -. �, 15o Are you a oitizen of tk�a,IInited States�Native X_ Naturalized . �____.. , Y } 16. Vrhsre were you b orn St. Joseph Mo. Date of�birth Oct. 10, 1913 � � '17o I am . married� , �iy (wife's) (husband�a) .name and addro s s is_- Z08 M, r.HJ�'s3 � � . - � same address .,. 18p (If. m�r�ed femaTe) my maiden name is - :�t•��1�:,�� . ��- • _ _ -.� i '�,--'-- � . � . ,j� `� .. 19p. HaaP long have you lived in S�, Paul�_��r� ,� �,,, p�^i� ��_ ��}r ' ' •�=' . "` • r° 20o Aave you ever been a�re ated „� Violation of what oriminal lativ or:brdin�nae;��•,: -��`A� • , . ' �.-. �'',��',j',.....r�,`'��;`:� rr -� M- •��,�± " . _ -- . . . . _ , . . • __A}h",j.. 210 dre you s registered voter in the City of St� Pau7. Yes X � ' No� (1lnsvrer fu11y and aompletel�* These�a� 'lications are �horou Iil cheol�d. and any , falaification will be c�use for denia�.�. r �'_ 1 . , � AFFZDAVIT BY APP'LICAIdT q j ' . , .•� • F08 � 'I . � REmAIL BEER OE f,IQ�U08 LIC�NS$ ' ! � �ey �Sale � License ; • v �� ; N�u� af�pp1.3a�ant ce es - ller otel Corp. ,r' i . . � I Ba�in��s ��dr+a�� W-1 81 First Na�ional Bank Builcii Ramada Inn � � . ' f �� ►o� �hs �o�e owner of thf�� ba�sineas!* Noo If aa�m �.e 7:t � �Sr�ner�h3p7 � � �po�r�'�f�! Tuller gZotel Corporation D �ther7 � ��e $nfs��d #x► b►tsln��a o 9.��ade thoee by 3ean rrP monaiy. P�'a�x�y or �therw��e� `; i . ._ _ � N��.��'.1e1��o�,,��...,'�1�;1�er. _ �. _ _ �ldd3'9�Ye ��„i�I�_ Mi�h�$an__Ave��' �o �8tQC3 older and j . c�ireator , ,�Chicago,� Illinoix* �--_. - - - - - - - --_ , � - _ ; . - ; - . � - , I ��' �i oer�pore�tion, give �.�� x�s_ Tuller Motel Cor�o�a.tion , . � _ �,y ++ �..�.+� M...�......�r - r �re �rou i.nte�e��d in ��r ra�y �t e►ay v��rr �e�e►i� Bee�r t�r �,iqt�o� bu�rine�s4� NO - -- - �,� �ole ownmr? �artn��? Stvo]choYder�? .� . . , ,.__._�..,_. . . . . . . , ' �� herar9.�e7 {Thro�gh �t�n of maney, atop Exp].ain) � �ddY^eas of euch busines� and nature oP intereat in saige . - � gna ure o a pp �04 3ta�� of Minn+aata � as � Cmunty of �me�+y . . - - y� ��_�� ' ��2� being Pirat duly �rorn, deposes anc1 says upon ��F"�F"ia�s �a rea • e orego ng affidavit bearing hie aignature and lflaows the "' oonf�enta tharevfj that th� eam� ia true of hia oFrn laiaerledgm, except sa to thoae ��```�•. '�. � �t�ra ��n •tated upon i.n�orm�t3.on aud belief and as to thoae ;�me�tter� he be- .�� , �. , iie�a4�s. '��ext to 'E� tru�Q ��` �'�:-,\�`� � t. �l j:-`,�: - -- ?. - rt - -- ' - -: - g �,a ure a a pp aaa �=_ �, � i: � �.'�'�. ' '- . • ��•',: - ` b�ibga��be��►rad �rn t� beZorv me • ' � .� tM��de�y of 19� - . , �. e�ry o a ouu y, - ,�.�� o-- � ovmuiaeiol� expirma ,�--�/y-� 19� _ _ . . t , . ' ^ - STATE (� MINNESOTg SS - COONTY OF RAb�SEY • Andrew Fi`U,Y'd being firet duly aerorn., doth depoae and sa y that he makes this affidavit in connection with appliaation f or " Ori Sale" liquor lioense (" p��sle" malt beverage lioenae) in the City of � �aint p�ul, Minneaota; that your affiant� a resident of the City of Saint paul �3 and has resided therein for years, montha, and ia now and has b�en for the time above mentioned a bona fide resident of said Cit y and that he now reaide$ at N0. saint paul., MinneBOta� is Vic� President and Seeretary of Tullex l�iotel Corporation, a �tinnesota corporation iahose x►egistered addresa is �J-1781 First National Bank Building, Saint Pau1, Nlinnesota 55101, that your affian� wil�,, from and after Apri3 26, 1967 be a bona fide res�dent of said City and wili reside a� m�.da Inn, 1870 Old Hudson �iaad, S�int Paul, .�biinneso�a. �' �'��- ."��`�'"`�":— ��--- Subsoribed a�nd aworn to before . au thia�day of L. I9�'� � , ary ia Coun y � .� , , ^ � � ' fro; :�`� � ��y a'�uais sion expirea ,� �y"r- 6y • ' � 3�� ';�.. :�,� - . , � ' �< < �- •��, � \` ..ti `„ , ! - _ �_ _- " - II = `; i�� f_ �< < �� ,.� _ � . �•, '. �-r _ ._ F..t, ` ' } � ' ti � � `�,`. �, � . � .. - � • I . -'r�,� :t� �t.� -. - ' ' ~ "'" - .^l ,. ,S, tt .. K.t • . ... _ � • _ .� .. ' " � :.l' _ � C'•�,��4..� �4t � _ •f` "_ ��f� " � „ . _ _ ,r,. + _ _ � .i. - „ ` ' 'e• . " .._ ' ' - ii�l r ....L:�e:�,�' ..' �'.' _' .. _ � _ ..--4 ° , " _ - ' _ + ti" �'��;�. �Y . _ _ - . - ' ' - : 1� �v i��is �` "_ �t;Y - ~' , ' '' _ - .�'..'�` - " ' " `:�r:v._ .r., _�.�': - =,�' �..�' -.-',� - }.�,`� •_'v•' � �"'�� __ R.� _ =ir�:,. - .i^. : _ - .. . ,-. , , - ..p, _ � -!}' �k' .y-{r' .��vf tiyw� - �� ,� ' _ , ��' _ - '{�=-' - •�` 3� 'i'�'.Sr' . R�';:-d_ a�• ,^e+'�' ''!!'1�, �_'�' t� �"i �� ' . 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' r �' 't:.. .� ': . . {�. . ' _ r'.d . `�.«..' .. .-. J �° �.�' ' . � _ • �' :, r �. , ='• . , . . . .:.� .,.._ ,._ t _ '� � a.5.. �� - - �. -. . . . •_ .}* `1' r ' �� , " , �'' • - • WICLUM H•. OPPENHEIMER�� {.1' �� f k � A7TORNEY6 �AT�LAW-��•� -� � '�� ' - ,ir. �S-`•EDMUND S.�DURMENT� - FRANKC. HODOSON ` �:a �,� ,r'��5^�F...: i _ . i �.i .� . . � , " ,- '•n+.." .� . -M y '� y'1 ... -a (IB8s:1i17) • : ' ' _� _ � MONTRF,V�L'LE J BROWN"•� r? �, �;+. - � �' W-1781' f IRST NATIONALyBANK;BUILDING" ,,•y ' ' �- ALBER� R.,MOORE - - � ' - =�... �'DENNO F. WOLFF -^ '-� �di+-' _t .-. ' _ - ' -. ..a>• - s ,.� • ' ' ' (1891.1�21) '��'f ROBEF�T F.:LEACH ',IL ,j �" . - _ a �; °SAINT PAUL, MINNESOTA�S'rJ�Ot . � - - j'';GHARLES C.�HAUPT; - � = r�WOOD R'. FOSTER:: :,� °`' ' ';� . � '--` ' ".?- F; ,. r- ', �� ' ' .�f. .'. •�' '(1016.1929) ' - ' ' OORDON�SHEPARD� -�,:�� , '� �„Y� "t '�' 'x � -" ' ?t� � -,- � ' FREDERICK N. DICKSON - -, � JAMES R. OPPENHE�MER � �'_� . a . ' • ` ' � =:T �A' • _ _- '- • - .,' % � , (192I-1941) _ ' , :" ROBERT ELLIOTT,JR. " � - ��'' �/" /� �� J � .- ' - • - '' "; STAN D. DONNELLY- .- . , JOHN Gi ROBERTSON . ' '; ' , _'J' �-••±��1 G�f•,� �.��'� �,.=` •". ' ' �' ',, I1825-fa4B) ' ' _ ' � , ` DAVID C. DONNEL•LY .,F;- _ +..k = �`-0 "_ y ' .t' • . .� . -�= ��•,- • - - - EDWIN�'D. BAER.a'L - ` ' RICHARD 6, LAREAU - , - A� � i . .�'� � 4�t�`��.= , .-�' � ' `f�, -J , . ' - •(1D22.IY62)� . •} • , �' SHERMAN'WINTH�tOP�- '• _ ' ' ,. • t._� _ � � ' _ - �.7- :: _' s _ ' ' �K' .• :. : .. , - � . - .� • �1 . . ti�` ROSERT B_HAWKINS�+'%♦ - • '�,.C�. _ .. ' ,'•- '+ _ _ .- . i .. A' ' ` , , . - HDWARD N. DENN e �.��l` _ F e , . -- c 'yro••, .. , :�' �'x •`_C �- . _ . =.= `•� ,_,. '-ta+ . -i'+`_ . . __ .. ��.JOHN D. HEALY'JR. � �4.' ;. _ .r • � -�' .ek�_ • ." ;°:"� -i5 ' ; : . ' '" RIGHARD H �MURRAY'• � � �+t '- . _ � _ �� • � u � __ . 't� • - -.;�'�l'�� CABLE ADDRE6S: .- • + -'' -, jN.ALAN JENSEN . - � 'a � „' "�'F`43� � " ��* � • '�: '��_ � '1�, y -' . .OPPENSON ' ' -t,LEON R. GOODRICH� - � p' .4� `.3 _' :�• 7�, i_ p• _ .`,� - '' _ ^ ' - _ , LEHAN J. F�YAN' -' , _ �.ti,- , y' _ f-_. " ✓'} . ; v '2. _ - ,.TELEPHONE. 224. � : ,-,. . `, �t".,WALTER'H. MAYO;�x, "_ _ s Y . : - "•'' -a_ _ : , - , SB4b ' . . " 'PAUL W HETLAND ' . � iy. - �- � •"~ i•` �"' . AREA CODE 612 5 _ . j HARR SQ ' {' - _ ''r�' 'S, - . `y.J" . .. �• . .. . , . rq 1 N P DILWORTH.�III • ' _ `h' � ' '�.. ,,#. .. , -1.._ y. '- • _ _ ' , -•j'JOHN H'. WOLF• - r,y, ,:}�'�t-• .. �fy, _t5�". ': = • , = Y,= - • • . . ' - - r "F. STHVENJ OLBON �: � . 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Mote.l ,pr.operty on -liquidating receiver's -. � , . .. � - � report of sale and=petit'i.on"fqr-�con£irmat�.on-��.ated �April� 2?�;_ , ; � , - ' � •�1g�7-b� Judge Dontild .$arbeau; 'Dist"rict Judge;�F� County of '_ _ „ ; . ,-' „ �� ' � �Hennep3,n, �,Fou�th� 'Judicial- Diatrict. _ : � .�� ` _- � • • - ` - ` . • . , '... , , .- � � t ' ' ^ , ' :8 i �.�CSYlf'i��f o-� , li' uor license�� . . . . 5) ' '��P�icat3,an;a�d �a�f3davit, `�y' pP , r� q � _ - ' - - -- � ex�cut�d by Au�ruata.�Duke_. -.��'rea.ide��'-�,an,ci Tx�easurer, Tu11eri W �. , - -� , -." - ' . . � M�t�l ,Gorpox►a�ian ��,. 1�f�:`a� � �, � � , ' , : . - . " : . . _:., s '�`,+,r " ' � . ... � ..-?_ ;.., �,.� .�;.- ; � '. ,- - • • �. 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' . . . � . . _-. __, -_-�� ` April'2�, �lgb7 . _ . . --� • � " �� ' -- - - _ . -�- •�':_ -- :- : � _ � • - . _ _ �. - `` = - - - - _ ,' _ ,'` • - .'_ ' .'� - . , ' . :' . .� • _. • � : �� " ' ' r , . " ^ '' _ • ' ' - � - , -i � � ._� • • I ' _ -'• . �. ' �' - ' , '` .c .� ' , . _ _ ,` - ' � - . " e . , � ' - ° - ' . x, . ' . ' .. ' _ • - } . ,. . _ , Hon. William E�:Ci�°1.80� � r ` �' - � ' - � i• -- � 1 � ; C�►nsr. of Public SaPety �_ - - - �. - - _ � , ': . � . �" Ptxblic Safety Building -. , . � • � •�� . • - - - . . . � _ � '�-� - ` � � _ - � ` De�r Sir s+ �'' . _ - _� Atte n: � � . Daniel McT,aughlin � ,_ `~_ � ��_ � . - ,The City� Council�today �f'ormally a� r ved the lication for the � • � _ trans�er of On Sale Liquor T,ic. �No. ex ng Jan, 31, �968, � " ' " �: a� T87�. Old Hudson Road from tHe Bi].tm or Hotel, Inc. -to -- _ � • Tuller Mote7, Corporation; AIS icat of Tull�r M�tel:Corpor- , - � ' " ation. for Hotel,,(160 unita t� o stuflf-Vending,Machine - � ��" Location end Cigarette li ses.at`t . aatne dress. , _ _ � � ' � . _ � - . �_ ` - _ . , ° - � . . -• - • . _ - Will you please prepare t cuetomaryr soluti�na covering these '_ ' ' . , _ - . .matters Y � _ � _ _ -; _ - - . :, �� " _ - • . ° - Very_truly yours� �: . � _ - - . -. - _�• . . - - . - ' .. , - . - City Clerk t _ ' .. ` ' nB .- ' -- t - ' � -; . - ._ . _- y - . . _ ,- � _ , . , - - . - - . - . - ., - � _ ° � , � - -, � � -: _ � : r - _ _ ` - ` _ L` •J '. + , " � ' .. _" ".�.._ y _ J • -- — - _ � i ♦ � � . , _. � " • � . ` . `` � ' - ' , ' _ y. . " • . . ��' � • { -. r , � • - � .. - t _ � ' - � = tw. ' ��y + < < � � ` •� . - ' ' ' , ' ,` • r . ^T • . , ' � . .. � . ' ' � • - . , _ _ , . - I � _, . �" i t ..-' � �' � .. , � � � • - v - � : _ _ . ' 1`C` . - ' .^ � 4 - - . . ,� - _ /1. ` . ' �'- . ., • . . � .j . l ' ' .. �� c, . r i ._ y � �� ' AGREII+�'I' FOR THE SAI.� AND PURCHASE OF RAMADA INN AND LI�KES & PINES MOTEL PROPERTY THIS AGREIIdENT, made in the City of Mi�neapolis, State of Minnesota, on April �1 1967, between Biltmore Properties, Inc. by Morris G. Levy, Jr., , as its duly eourt-appointed and. qualified Liquidating Receiver, hereinafter called "Seller", and Willis P. �ller, residing at No. 1611 Chicago Avenue, _ in the City of E�ranston, and State of Ill�nois, hereinafter called "Purchaser", � WITNESSETH: 1. Earn�st-Mone Paid. The Seller acknowledges the receipt��"rom the Purchaser o� t e sum o� Ten Thousand and no/100ths Aollars ($10,000.00), re- presented by the check of the Purchaser dated March 3, 1967, in that amoun�t, as earnest money and in pext payment �or the purchase of the property, both real and personal, hereinafter next described. , ,, 2. Description of Property. The property being purchased is the land and buildings and other improvements thereon coamioni known and designated as the RamQda Inn oP St. 'Paul� and the Lakes & Pines Mo 1, each of which ia a motor inn or motel facility, and both of �rhich are lo ted in the City of St. Paul, Ra.msey County, M�i.nnesota. The property being p chased also includes all furniture and fixtures, all equipment, and al]. progerty uaed in, on, or in conneetion with the operation of th�uildinga and facilitiee constituting, respec�ively, 'said Ramada Inn�of St. Pa.ul and said Iakes do Pines. Motel, except such thereof as are being leased under equipment leases ind force and effect, in respect of whieh the iriterest therein of �he Seller may be purchased by Purchaser. The legal description o� the land upon which the buildings and other improvements to the land is situated, constituting the said Ramada Inn of 5t. Paul and -�he. said Iakes & Pines Motel, is that land lying and being ir� the County of Ramsey, and State of Minnesota, legally described as folloKS, to-wit: i - ° TRACT 1. (Ramada Inn of St. Pa.ul Iand) � That portion of the West one-hal� (W. �) of the 5outhwest quarter (SW�) oY Section thirty-five {35), To�mship twenty-nine (29), Range twenty-�Gwo�(22)� described as follows: Cot�encing at the point. of interaection of the west line of sa.id Seetion thirty-�'iye (35), , With the southerly line of Hudson Roa&, said Hudson Road as located acxoss the South one-h�lf (S.�} of said Section as of August 18, 1920; thence southerly along said section line to the northerly line o� State Trunk Highway No. 12; thence easterly along the northerl,y line of said Trur�k Highway No. 12 to the easterly line of said West one-hr31f (W.2) of the Southwest quarter (SW-�); thence northerly along said easterly line of said West .i,- of the SW� to the southerly line o= said Hudson Road; thence Westerly along the southerly line of said Hudson Road to the point of beginning, exce�t the West eight hundred fifty- four and fifty-five hundredths (W. 85�+•55) feet measured at ri�ht an�les thereof, excepting, however, any roortion of the above described premises heretofore taken for public hi�hway purposes, and sub�ect to easement of the State of Minnesota to erect and maintain temporary snow fences as � set forth �i�n Document Pdo. 17689�E in the o�fice of the Registrar of Titles in Ramsey County, Minnesota, according to the United States Government Survey. thereof. Also sub�ect to permanent easements for sewer vurposes and temporaxy easer�ent for construction purposes in favor of the City of Sa.int Paul as set forth in Document No. �+60193 ` and No. 46019�+ in the o�'fice oi the said Registrar of Titles.�' A7.so sub,ject to Notice of Lis Pendens by the State of Minnesota as se't forth in Document No. �F97201 in the o��fice of said Registrax of Titles: 1. � -. �., f � `� . 't- ' ,. , T ��"� .a;7- _ ..�a ti�-.r...,.�r-^ .✓J*" ;'Y- , �.v"'�'-r��...,... ,..�..� �v •I,'�I- , � . . . - _ '"�D'=�tir_a_ J . _ �: ' . . . • . TRACT 2. (Lakes & Pines Mote1 I,and) The Weat eight hundred fifty-four and fifty-five hundredths (W. 85�+.55) feet, measured at right angles, of that portion of the West one-hal.f (W. �) of the Southwest quarter (SW�-,�of Section thirty-five (35)� Township twenty- nine (29), Ran�e twenty-two (22) described as flollowss Com- mencing at the point of intersection of �he west line of said Section th�ty-five (35) with the southerly line of • Hudson Road,_said Hudson Road as located across the 3outh one-half (S. �) o�'`3ec�fcsn as of Auguat TS, 1g20; thence southerly along said section line to the northerly line of State Trunk Hi.ghyray No. 12; thence easterly along the northerly line of said Trunk Highway No. 12 to the eaeterly line of said West one-half (�i. �) of the Southwest qusrter (SW�); thence � northerly along said easterly line of said Weat one-ha,lf (W. �) of the South�rest quarter (SW u) to the sou�herly line of sQid _ Hudson Road; thenne �testerly along the southerly line of said • Hudson Road to the point of beginning, containing �ive (5) acres, more or less, according to the United States Government Survey � thereof; excep�3ng ho�ever any portion o� the above deaeribed premtses heretofore taken �or public high�ay purpos�s, and eub�ect �o easement o� the State of Minnesota �o erect and main�tain temgorary sno�r Yenc,es as set forth in Document No. 176894 in the office of the Regietrar of Titles in �te,msey County, Minnesota. Also sub�ec� to seWer easement and �emparary easement for conatruction purposes ag set �orth in Document No. 426g12 in the of�ice o� the said Registrar of Titles. Also sub,ject to Plotice of Lis Pendens �y the State o� Minn�sota as set forth in Document Ido. �+97241 in �he ofYiee of asid Registrar of Titles. 3. A�c�emen� to �ell and Purahsse. The Seller agrees to seLL and the Purchaser agrees to vy e sa d proper y, sub�ject to and upon the terms and conditions hereinafter set forth. 4. Purchase Price .and Manner of Pa.yment. The purchase price which the Purchaser agrees to pay and the Seller agrees to accept for the said property, (except as otherwise hereinafter provided �or the separate purchase of certain items of pereonal property), is the aum of One Million Three Hundred Fifty `Im.ousand and no/100�hs Dollars (�1,350,000.00), payabie in the folloWing me,nner: • A. Earnest Money heretofore paid to and received by the Seller in the amount of Ten Thousand and no/100ths Dollars ($10,000.00). B. The fur�her sum of One Hundred Sixty-five thousand and no/100ths Dollars ($165,000.00), in cash or its equivalent in solvent credits represen�ed by the certif ied check of the Purchaser in that amount, on or before May 1, 1967 which date of payment is hereinafter referred to as the "closing date", �`� 12:Ol a.m. . C. The remainder o£ said purchase price, to-wit: the sum of One Million One Hundred Seventy-Five Thoueand and no%100ths Dollars (�1,175,000.00) shall be payable and be paid under and pursuant to, and in aecordance with, the terms and provisions of a Contract for Deed to be executed by the Seller, as Vendor, and the Purchaser, as Vendee,' on said closin� date. D. The said Contract for Deed shall b2 on or ioll'ow in all paxticulars Minnesota Uniform Conveyance Blank Form No. 56. The insurance • �rovision therein shall require the Vendee to maintain �G"`"`°•""""""'�c fire and extended coverage insurance on the buildings and other improvements covered -2- -- - � ••-.-.,� -. ---- - ._.._,.r _ _. . _ y . � k " . v - � - !�'."�,.. A ; � � .. ��' � �',�'.*� � ' . i -+..rJ: 'lfa�,�.�=`4tr[?N�'�'i•�4��4i-'�+v;.w�•. �rf�.�tr�.�s:�f..��{,, i<i.�:�.4,d�•M,.ti. •_.��.t"r ��.<� pr,'�:i13 .. •a - • . , , ' • . • , � � � ' � ' thereby, for their full insurable value, up to but not beyond, $1,175,000.00 of 90� co-insurance coverage. The said Contract for Deed shall recite the full purchase price to be paid for the said property, both real and personal, to-vrit: the sum of One Million Three Hundred and Fifty Thousand and no/100ths Dollars ($1,350,000.00), shall also recite the prior payment by the Vendee of earnest money in the sum of Ten Thousand and no/100ths Dollars ($10,000.00), ar�d shall further recite the payment contemporaneously with the execution thereof of the additional sum of One Hundred Sixty-Five Thousand and no/100ths Dollara ($165,000.00) . The said Contract for Deed shall provide for the payment of the remainder or unpaid portion of said purchase price, to-wit: the sum of �ne Million One Hundred Seventy- Five Thousand and no/100ths Dollars ($1,175,000.00), in manner and timea, as follows: (1 ) Nine Hundred Twelve Thousand Dollars ($912,000.00), approximately, shall be deemed to be paid and credited against the purchase price on account of the unpaid remainder in that approximate amount of that certain promj.ssory note executed by Biltmore Properties, Inc. (under its former corporate name of Biltmore Motor Hotel, Inc . ) and, others, in favor of Northwestern National Life Insurar�ce Gompany, dated March 20, 1964, originally in the principal amount of Nine Hundred Fifty Thousand Dollars ($950,000.00), bearing 3nterest at the rate � of 6� per annum, payable in installments of $6,862.70 per month on the lst day of each month to and including the lst day of December, 1984, which promissory note is secured by an existing first mortgage lien against the said land created by a mortgage deed of record therea�ainst, and further secured by an existing first martgage chattel lien against certain of the said personal property created by a first chattel mortgage of record against � such personal property, the indebtedness of which promissory note the Vendee does not assume and agree to pay; provided, however, that the Vendee shall take sub�ect to the said mor�gage liens, both real and chattel, and �hat any default by the Vendee in the performance of any of the covenants and agreements of the mortgagor made in and under the said mortgage deed and made in and under the said chattel mortgage, shall constitute a default by the Vendee of the covenants and agreements Qf the Vendee under the said Contract for Deed, notwithstanding that the Vendee does not assume and agree to pay the said promissory note indebtedness secured by said real and chattel mortgage ` liens . In the event that, on the closing date, the unpaid balance o#' such mort age indebtedness shall be greater or less than said amount of �912,000.00, such excess or deficit sum, as the case may be, shall be deducted from, or added to, the sum required to be paid under Pa�a graph �D(3) hereof. (2) One Hundred •Fifteen Thvusand Two I�undred Dollars ($115,200. ), approximately, shall be deemed to be paid and credited against the purchase price on account of the unpaid remainder in that approximate amount of tha� certain promissory note executed by Biltmore Pr�perties, Inc. (under its former name of Biltmore Motor HoLel, Inc. ) in favor of Swain 8c N[yers Associates, Inc. , dated February 26, 1g65, originally in the principal amount a#' $132,g63.71 (includin as a part thereof add-on interest in the amount of $24 �21.�1 computed at the rate of �2,o per annum for five year�j, payable in 57 consecutive monthly installments of principal (including add-on interest) of $2,216.06 each on the first day of each month to •and including March l, 1970, and a final in�tallment of �6,648.29 due and payable on April l, 1970, which promissory note is secured by an existing second or �unior mortgage lien against the said land created Uy a mortgage deed of record thereagainst, and further secured by an existin� second or �unior chattel mortgage lien against c�rtain of the said personal proper�y creat�d by a second or �unior chattel .-3- ,'��Y � R` a " . . . '�f.d�.r• .�. , • � � ''' " ... r ". -' ' " . ., - - . �", >�i.,",.fx�!!�?ai_�.�yyal.�,�c=;y;:��.:...�cc...e,- �Kx.Y�bi�9.�. 1;,?.w,.-nA-�"""x?"� �`�'��v �1 i„•r�.. . - ' . _i_ _ ' ' " ' _ ' ' . . .« " - -y"+`*r_ ` • - -�a • • . �. - . • „ ^ • ° a • r' „ , ' . . `-' ' , mortgage against such personal property, the indebtedness of which promissory no�e the Vendee does not assume and agree to pay; provided, however, that the Vendee shall ta.ke sub�ect to the said mort�;age liens, both real and chattel, and that any default by the Vendee in the per- formance of any of the covenanta and agreementa of the mortgagor made in and under the said mortgage deed and mad.e in and under the said chattel mortgage, shall con- � stitute a default by the Vendee of the covenants and agree- ments of the Vendee under the eaid Contract for Deed, notwith- standing that the Vendee does not.assc�me and agree to pay the said promissory note secured by the sa.id real and chattel mortga�e liens. Tn the event tha�, on the closing date, the unpa.id balance of such mortgage indebtedneas shall be greater or less than said amount of $115,200., auch excess or def icit sum, as the case imy be, shall be dedueted or added to the sum required to be paid under Para�raph 4D(3) hereof next following. , (3) One Hundred Forty-Seven Thousand Eight Hundred Dollars ($1�+7,800. ), approximately, (as increased or decreased •� pursuant to the provisiona of Paragraph�LLD(1) and (2) hereof, both ne�t preceding, together wi�h interest at the rate of 6� per annum on the principal thereof rem�ining from time �o time unpaid, payable in con$ecutive equal monthly inatallments of principal and interest at the rate aforesaid, each in the amount of One Thousand Two Hundred Fifty Dollars ($1,250.00), or more in any multiple thereof, commencing one month following the date said Contract for Deed is dated, and continuing until the said principa.l amount and interest thereon at the rate ai'ore- said, has been nompletely paid and amortized. Fach m�nthly install- ment shall be applied, �irst, to interest due from time to time on decreasing principal balances, and next, to prineipal. 5. Additional Contraat for Deed Provisions. The said Contract for Deed shall �urther provide, in substance and e�fect, as follows: . A. That upon conroletion of the payment in �'ull by the Vende!C of the mentioned mortgi�,ge indebtedness to Swain �e N�yers Associates, Inc. and the discbasge of record of the mo�atga�e liens, bath real and chattel, , securing said mortgage indebtednese, the 'Vendet shall have the right anii option to convert said Contract for Deed to a second mortgage, by executing � and delivering to the Vendor his promisgory note for the then grincipal amount remaining unp&id ur�der said Contract for Deed, payable in the same manner and in like terms as the then prind pal amount remaining unpa.id under the said Contract for Deed is payable, secured by a mortga�;e deed creating a mortgage lien upon the aforedesaribed real property, �unior only to the mentioned first mortgage lien thereagainst, and secuxed further by a chattel mortgage creating a chattel mortgage lisn on the personal property which is covered by said Contract for Deed, ,junior only to the mentioned f irgt chattel mortgage lien thereagainst. Upon the executio� and delivery to the Vendor of sueh mortgage note and such mortgage deed and chattel mort�e, provided that the Vendee gives to the Vendor at least thirty (30) days prior written notice that he will d.eliver such�instruments to the Vendor, the Vendor will simultaneously with the delivery to him of such instruments convey the said real property covered by the said Contract for Deed by an appropriate Receiver�s Deed and convey the said personal property covered by said Contract for Deed by an appropriate Receiver's Bil1 of Sale. -4- - --�-_ . �_�..�,.� - • --„- .� . ._. _ ..,._..,,.._ _�. ,, � , . ---.. , • _ . - - ' � '�^t �x`�'s;��,.-'r;W;�,r;,r�..�.,:- . • ,,_:..e� =�•.. �. ;�'`"}'��••.:.. '.?"- , -- • ... _ __�-• ._ - ��°�E_•.�s+x,%..:+°r+�=:-��:!.°'�?k!+?a'!'arK'.,r�j��a�.r.yr:e�ty+?rY-•v..;-�!•e.Y _, t' .. �'�.s_�i�.:_.-_.��..�r.��. ,,. •n � .. . . „ ' - ' . B. That the Vendee shall not make or cause to� be made any improvements to or upon the real property covered by, said Contract for I}eed which cc�st in excess of ��0,00 0 .00, for which a mechanic's lien me.y . arise and be f iled, unless prior thereto, the Vendee furnishee, at his own proper cost and expense, a bond in form and content acceptable to the Vendor, � ind.emnifying the Vendor against all loss or dam�ge whatsoever from the f iling and ad�ud.ging of inechanic�s liens or mechanic's lien �udgments againat the said property, the right of sction whereon shall accrue in favor o� the Vendor imrr�diately upon the ad.�udication of any such liens; and that such bond shall be executed by the Vendee, as principal, and a surety company lieensed to do business in the State o� Minnesota, as surety, and shall be in the principal sum of at least the aggr�gate amount of the estimated cost of the propoaed � im rovements. This requirement for such bond shall terminate five ; y�ars from the date the Contract for Deed is dated. , '� D. 2'hat� if the Vendee determittes to do any construction I Work �or the improvement of, to, or upon, the real property covered by said � Contraet for Deed, and, �Q finance the cost thereo#' by a loan secured by an � additional mortgage thereon, the Vendor agrees to subordinate said Contract � f or Deed to such additional mortga;ge; provided, however, that all proceed.s of i any such additional mortgage loan shall be applied in full to the payment of � such cons�ruction cost and, provided, furt�er, that the bond against mechanie�d� � liena in Subparagraph� next hereinabove.required, is furnished to the Vendor ` in reapect of sueh const�ruQtion work. D. That the Vendee may ref inance the ind�btedness owed 4 under the said existing fjrst or second mortgage loans, or both of them, at , any time, and in such event, the Vendor shall subordinate said Contract for ' Deed to any such nek mortgage or mortgages, as the case may be; provided, however, that the amount of a�y such ne� loan or loans shall not exceed the amount, on the c]ate of the said Contract for Deed, of the mortgage indebtedness replaced thereby. I E. That, i.� the Vend`es aells any portion of •the land or r buildings covered by said Contract for Deed, al1 of the� proceeds of the sale shall be applied in reduction of the mentioned existing firat mortgage indebted- ness to Northwestern National Life Insurance Company or in reduction of the � mentioned second mortgage indebtedness to Swain & I�yers Assbciates, Inc. or in � the expansion of existing Rame�d,e, Inn of St. Paul buildings on the site xhereon such buildings are situa�ed. In any such event, the Vendor agreea that the � security afforded to the Vendor by sa.id Contract for Deed will not be deemed � to have been impaired by euch sale. �` F. That an inventory list, itemizing all of the personal . property covered by the said Contract for Deed, shall be attached to said i Contract for Deed as an appropriate Exhibit thereto. f ; Q. That the said personal property covered by the said Con- � tract for Deed is bound wi�h a lien �n favor of the Vendor for the payment of � the balance of the purchase price remaining unpQid from time t•o time under the j provisions of said Contract for Deed. In the event that the said Contract for i Deed is foreclosed secQr�in� to law, the right to the possession of the said � gerSonal pxo�erty ��: revert to the Vendor at the sams time and in the sa,me ; ma,nner as the rea�. property covered by said Contract f or Deed.. -5- _;�. _ . , . .. *, .- _ .� _ �• :y,;. - x~�.e»;'-; .,- - • . _ . .., _ . �:: __' - _ . - ' _ -._ �.._-ad',rL �,�i'=ta� "-�±_'-s.'ti-'�;:�M`u'�' _��,. __��L�'.�Mac,�:�v.�...a%a.�''�:_..,��.'�.c1 .._._r ' �. • . • ., � � ' H. That the Vendee a€i°�es t;o and shall maintain the said personal property cover�d ��T ihe said Con�ract for Deed in such condition, quality and c�uant3�,y as is necessary for the proper oper.ation of �he business of tnc� said Ramada Inn of St. Paul and i�he said Lakes & Pines Mot�Z, in accorc].ance U�ith the existing st�ndard of operation of the b�:siness of each thereof on the date cf said Contraet for i�eed, i�ny .i�em of such personal property substituted by the Vendee £or another shall be bound with the said J.ien hereinabove provided for the item which it replaces . I. That the Vendee shall have the right to assign his inf;erest in and under the said Contract for Dsed to any corporation which is ov�ned and controlled by him, provided tha� said corporation shall assume and agree in �rriting to keep and perform all covenants and obligations of the Vendee therein. Upon the delivexy to the o Vendor af a duplicate executed copy of such written assignment and agreement o£ assumption, the Vendee shall be thenceforth released � from ala. further personal liability under said Contract for Deed. 9 ; J. That the said Contract for Deed is executed in the � name of Biltmore Properties, Inc . , a Minnesota corporation, and on its , behalf, by its Court-appointed Liquidating Receiver as Vendor, pursuant � to the instructions of the Court having �urisdiction over the corporate a l�.quidat�.on of said Biltmore Properties, Inc . and the grant of authority E to said Contract for Deed, and thai. the said Reeeiver shall have no 3 personal responsib3.lity in his ind3.vidual capacity in any v�ay or to � any extent thereunder. :, 1 � 6. Conveyance of Marltetable Title by Contract for Deed. iSub,�ect to the per orma.nce y urc aser o s sale an purc�a—se � agreement, the Seller agrees to execute and deliver �he aforementioned � Contract for Deed, which will be a Contract for a Receiver �s Deed, � agreeing to convey marketable title to the said real property sub,ject only to the fallowing exceptions : � a Buildin and Zonin Laws, Ordinances � ) g g � � State and Federal Regulations . � � (b ) Restrictions relating to use or improve- � ment of premises not sub�ect to unreleased forfeiture . _ (c � Res�rvation of any minerals or mineral , rights to the State of Minnesota. ; � (d) Utility E�sements . � , (e ) The lien of real estate taxes for the • year 1966 payable in the year 1967, sub�ect to pro-ration : of such taxes as hereinafter provided. (f) The li�n of the aforementioned first mortgage to Northc•�estern National Life Insurance Company � and the lien of the aforementioned second mortgage to Swain & N�yers, Associates, Inc . � -b- , .,� ..rS'�;f+y..�i..�:,io.3.1wnZt s�.«.�rar.�SVNaw�M . �-�»:+Yi;`:::�;�,=a�c.�.�.s--wi.�_, . - .. ,. �. • - ' ' ' '__ _ '� - . �sL._. . . . _ ._-.' "' - ' . . . . • , • ' • � . 7. Pro-ration' and Deposit for Real Estate Taxes. The obligation to pa.y t e rea estate taxes for t e year payable in the year �967 shall be pro-rated equally between the Seller and the Purchaser, each of whom shall forthwith pe,y one-half (2) thereof. 8. Delivery of Possession. The Seller agrees to deliver possession of the sub,ject real and personal property on the closing date, provided that all conditions of this agreement of sale and purchase have , been complied with. � 9. Title Examination and Ob�eetions. The Seller shall, within a reasonable time after this agreement of, sale and p�chase ]�as been executed, furnish a registered property abstract for the real property involved, which shall include proper searches covering banl�uptciea, and S�tate and Federal, ' �ud.�ments and liens. The Purchaser sha.11 be allowed three days after the receipt thereof for the e�mination of said title and the me,king of any ' ob,�ections thereto, said ob�eetiona to be made in writing or deemed to be i waived. If any ob�ections are so made, the Seller shall be allowed until the i ' closing date in which to make said �itle marketable. � 10. Termination j:f Title is not mQde Marketable - S cific Per- � formance. I� the said ti�1e to the real property is not mar etable and is not � made so by the closing date, thia agreement of sale and purchase at the option ; � of the Purchaser shall be void, and neither principal shall be liable for d�amages ' hereunder to the other principal and all money theretofore paid by the PurcY�aser � shall be refunded to hitn; but if the title to said real property is found to � be marketable, or is made marketable within said time, and said Purchaser ahall = default in any of the �reem�ents herein contained, then and in that case, the � Seller may terminate this agreement and on such termination all the payments made hereunder shall be retained by the Seller, as liquidated damages, time being of the essence hereof; but this provision shall not deprive either party of the right of enforcing specific performa,nce of this a�reement provided that this agreement shall not be terminated as aforesaid, and provided action to enforee such specific perfor•mance shall be co�enned within six months after such right of action shall arise. 11. Personal Property Taxes. The Seller agrees to pay all unpaid personal property taxes on peraonal property involved in this sale and $ purchase that are due and payable in the calendax year 1967 and Were due t and payable in prior calendar years. i 12. Pro-rata Ad�ustmer�ts of Various Items. Pro-ra,ta acl�justmente ; of interest, insurance, ci�y water, and current operatin� expenses shall be j made as of the date of closing. The Purchaser, however, shall ha.ve the option f either to assume existing insuranee coverage of any and all kinds carried by ! the Seller, not only on the said real property and the said personal property, � but also on various operational hazards in connection with the operation of � the said Ramada Inn of St. Paul and the said Lakes & Pines Motel, and on the � ! assumption thereof, to pay the pro-rata portion of the insurance premiums 5 accrued thereon to the closing date, or to re�ect any such insurance and to acquire new insurance. � . 13. Sa.le and Purchase of Inventories of Liquors, Food and Merchandise. In addition to the aforementioned real property and the afore- . mentioned personal property sold and purchased hereunder, the Seller a�rees to sell and the PurChaser agrees to purchase - , (a) the entire inventory, stock and suppl-ies of liquors and bottled beverages of every nature and description on hand at the Ramada. Inn of St. Paul, and (b) the entire inventory, stock and supply of ineats, - provisions, groceries, and other food stuffs of every nature ' and description on hand at the sa.id Ra.mada Inn of St. Paul, and -7- . _ .. �.:_,�...,. _ _- - • � ' .r , • + . �� ' A - Y ��i�+�Y, "�_ `l�Y.�"�yc��r�:1��'j�`�v'? . _ •.�~yr=�y�-.i _.r��_� _'� _.. •1•�• `.i` _ .�a�•'n-� .�.A'�:/�� '?�•y�, ��r . • . ]F• ��.. ,T' - � _ '�.v J. �3�.'_ Tn�� ' ' '_ " .. _ 'S^ i � - • • . E .' '� �� i . , . . � , � i � (c) the entire inventory, stock and supply � of cigars, cigarettes, toraccos, magazines, novelties and other items held and offered for sale at the said i Rame.da Inn of St. Paul and the said Lakes & Pines Motel. i iThe sale and purchase thereef shall be on �the date of closing. The Pur- chaser shall pay to the Seller, and the Seller shalJ. accept, as and for � the purchase price of all such items, the inventory cost thereof, as such ; cost shall appear upon and be disclosed by a complete, detailed and ' itemized inventory list, taken and completed on the date of transi'er, in which the cost of eaeh such item shall appear oPposite thereto. The ; trans�er to the Purchaser of all such items of p��sonal property shall ' be by a Receiver's Bi11 0� Sale, to which ahall be attached the itemized� ! inventory list above �ntioned� free and clear of all and any indebted.ness � or encumbrance against such items of personal property. , I 1�+. Merchandise on Order. The Seller further a,grees to sell and the Purchaser to p�chase, all items of inerchandise on order �or resale or any other use in connection with the operation of the said Ramada Inn , of St. Paul and the said Iakes & Pines Motel, ordered by the Seller prior to the date of closing, but received after th�at date, provided that such merchandise on order is of the kind usualZy required for the orderly operation of the businesa of the said RamQda Inn of St. Pau1, and of the said Lakes & Pines Motel, and the quantities thereof are reasonable for such orderly operation. The purchase° thereof shall be effected without any bill of sale through the paymen� by the Purchaser, in the regular course of business, of the invoices submi�ted in respect of sueh merchsndise, in accordance with the terms and conditions of any and all such invoices. 15. Trade Accounts. The Purchaser shall not be responsible for the vayment o� any trade accounts inc�rred in connection with the operation of said Ramada Inn of St. Paul and said Le.kes & Pines Motel at any time prior to the date of closing. The responsibility for the payment of all such trade accounts shall be that of the Seller. 16. Monthly Payment Contracts. The Seller, and not the Pur- chaser, shall be responaible �or the pa,yment of all monthly installment pay- ments falling due and becoming payable prior to the closing c�ate, under all contracts for the rental or other use by the Seller of any kind of equipment used in the operation of the said Rausda Inn of St. Pau1, a.nd the Iakes & Pines . Aiotel, calling for payment i� monthly installmenta, such as lea,ses or monthly payment contracts for such items as advertising signs, television equipment, and other kinds of equipmen�, and the like, except that all monthly installment payments falling due and becoming payable in the calendar month in which the closing date ooaurs� shall be pro-rated be�ween the Seller and the Purc}aaser on the closing date and ad�justed betwe�n them accordingly. The Seller agrees to furnish to the Purchaser a copy of all such monthly installment payment contracts and equigment leases a� least ten (10) daya prior to the closing date. At the written request of the P�chaser made at least five (5) days prior to the closin� date, the Seller agrees to cancel any such contracts or leases which are canceZlable by the Seller without incurring any liabilit�y for cancellation, within a reasonable time after receiving such request. The� Purchaser shall be responsible for the pa.yment of all monthly installment pa,y- ments failing due and becoming paya.ble subsequent to the closing date, and agrees to indemmiify against, and save the Seller harmless �rom, any liability _g_ . _ , ' �- ;_ "-.. , � . �, ', � , ' � `�'�1�,`,.y�,�,�. y�:.��'iv.��fJ.�;.e4'_trR1''.rx'l}.iS..r.�',�d.''r.:L .�t�,;h�d�� }a-:.` -yi.,fi-.'ei�f.irti:�.'y rr.,,��.�el� . . I . +� - 'Yy4 .ir'�+ `a !'�► -_t -v _.. _ '�• ,� .'•«..��.x „ �+r-.�'•: .:.. :t�''-,�: I " ' - -- ,,_ .� ' .-. . c•�r � ��t,c .�`�.t-��4�r: �;� - , • _:�• .....e�n_ _ .d._Ja.ar�:ia�-,......± ,_ a_�s�l... .. - ., ; y• r. � + ' p ° .. in respect thereof. The Seller will assign to the Purcha.ser all such monthly payment contracts and equipment leases by an a�propriate in- strument of assignment of each thereoi, and the Purchaser will accept the assignment thereof and assume the obligation of each thereof coupled with an agreement to indemnify the Seller aga.inst, and to save the Seller harmless from, any obligation in respect thereof arisin� from and after the closing date. 17. Union Contract. The Purchaser acknowledges that the ' Seller has furnished to him a copy of a certa,in Hotel Contract Working Agreement effective July 15, 1965, relating to Iiotel and Resta.urant �nployee's ' Union Local No. 556 and Ba.rtender's Union Local No. 287. The Seller con�irms to the Purchaser that the said Hotel Contract Working �greement is applicable to the Ramada Inn of St. Paul, and that the hourly rates shown thereon for Hotel Lowry in the City of St. Paul, Minnesota, are no less than tho'se �overn- � in� the said Ramada Inn of St. Paul. � F 18. Accounts Receivable. The P�cha.ser agrees to purchase from ; the Seller, at the face amount thereof, all e.ccounts receivable of guest3 and i customers of eaid Ramada Inn of St. Paul and of eaid I,akes & Pines Motel who, ; on the closing date, are then renting rooms �@g��¢� � In i addition the Purchaser agrees tlaat, for and on behalf of the Seller, he will � make reasonable attempts and use his best efforts to collect all accounts re- = ceivable appearing on the books of account of the Seller for guest room i rentals and for the sale of beverages, food, other merchandise, and services � which have been pez'fc�r6d prior to the closing date to guests and customers � of the said Ramada Inn of St. Paul and the said Lakes & Pines Motel, and � remit to the Seller by the lOth day of each calendar month the aggregate f amount collected on such accounts receivable in the previous calendar month. � It is understood, however, that the Purchaser does not �uarantee the collection � of such accounts receivable, and that at ar�y time after the lapse of six months � from the closing date, either the Seller shall ha.ve the option of taking ; over the collection of such accounts receivable or the Purchaser shall have the ; option of turning over to the Seller the collec�ion thereof. � ` 19. Operating Licenses and Permits. The Seller agrees to transfer ' to the Purchaser, insofar as the transfer thereof is legall,y feasible, all • liquor, beverage, food, cigarettes and tobacco, atid any other licenses or � permita, held by the Se11er from governmental authority in connection with the operation of the said Ramada Inn of St. Pa.ul and said Lakes & Pines Motel, � without an,y specif ic eost to the Purchaser for such transfer. The Purchaser, ` however, shall bear and pay for all f ees, costs and expenses incident to . ! obtaining from the appro�riate governmental authority the transfer to him of ` any and all such licenses and permits or of the issuance to him of' new ; licens�s and permits in lieu of' the transfer to him of any such licenses and � permits. 20. Interim Operation of Motels. The Seller agrees that in the ; interim between the date of this a�reement and the closing date, the said Ramada. Inn of St. Paul and the said Iakes & Pines Motel will be operated in the usua,l and customary manner of its operation heretofore by the '3eller. 21. Interim Condition of Pro�erty. It ia mutually understood and agreed that the property, both real and personal, which is the suh�ect of' sale and purchase hereunder, will be maintained in substantially the � same condition and in the same quantity on the date of closing as they were on February 28, 1g67, except as improvements thereto have been made in the interim. -9- ; �':r'... :. 7 . 5 . .� • ~ • , � • - }__' '.-_ ��.�r`�-:'__.e."�S�Ri�u�.:'!'k��..�—".e°'"'__"s��i.`.� ... :�'�: ' -...`w4Y�,�7$.�`�=7"i^L.uC�f� _.-n_ ' -• { . .! '�. . w � - . ,. • _ + � o ` . r � � � .. � � - �. 22. Interim Insurance Goverage. The Seller agrees to keep ' f ire and extended coverage insurance as now in force, on both the real property and the personal progerty hereby sold, in effect continuously until the closing date. 23. Interim Fire or Other Casualty. If, prior to the closing date, all or any part of the buildin�a or other improvements in the real or the personal property covered by this a�reement shall be destroyed or dama�ed by f ire or any other casualty, the Purchaser shall have no liability for any such destruction or damage, and shall have the option: (a) of completing the purchase, in which event all of the insurance proceeds shall be payable tc the Purchaser, or (b) of cancelling this agreement of sale and purchase by srritten notice given to the Seller, uhereupon this agreement shall thereafter be of no force and effect, and the Purchaser shall be entitled to a refund of the eaxnest money paid by him hereunder. 24. Swain E� I�yers' Consent as a Condition of Purchase. It is a condition of the purchase hereunder by the Purchaser that the amount of the aforementioned unpaid mort�age indebtedness to Swain Eo �yers Associates, Inc. includes all interest, except for an interest char�e for interest on presently past due monthly payments; that the payment thereunder of $26,592.70 annually, or of $2,216.06 monthly, will liquidate the entire ungaid amountfx�ting, includ- ing add-on interest, in the number of months determined by deducting the sum of $6,6�.�9 from the actual unpaid remainder thereof at the time of the closing date, and dividin{� the resvl.t by $2,216.06; that a f inal monthly payment will th�n be due in the amount of $6,6�+8.29; and that the Seller will procure, on or before the closing date, the conaent of Swain & N�yers Associates,Inc. to accept from �he Purchaser the monthly payments in aecordance with the fore�oinq formula for the liquidation in ita entirety of such indebtedness, without any acceleration of the monthly pe,,yments �hich axe past due on the date of closin�, except for an interest charge on auch past due monthly payments. 25• Rame.da Inn Franchise Transfer. It is mutually ac�mowledged that the Se�ler holde a license or franchise from Ramada Inn, Inc., an Illinois corporation, under a certain lieense agreement dated July 8, 1963, for the operation of the RamQda Inn of St. Pa.ul under �he trade name "Ramad� Inn of St. Paul", in accordanQe with the terms and provisions of the said license aqreement. The Seller agrees to transfer to the Purchaser on the closing date the licensee's rights under the said license agreement, sub�ect to the burdens of the lieensee thereunder, and further agrees to attempt to obtain, on or before the closing date, the consent of Rau�.da Inn, Inc. to such tra.nsfer free of any condition imposed to the �rant of guch conaent that; (a) The said Lakes & Pines Motel or Purchaser's Pony Express Motel and Resta.urant in St. Joseph, Miasouri, shall be converted into or operated under the trade name "Ramada Inn" or any variation thereof in which the name "Ramac3a" appears, or as part of �he so-called Rama,da Inn System. (b) The Purchaser shall be required to pa.y to the said licensor any sum other th,an such sums as a"re pa.yable by the licensee under the said licenae agreement from and after the closinA date. -10- . . _�,_.�... . - .- ... .� , � . .. . - •� �. zc �rl;.�;' ^ ..��s^,Lc.:i� +,�a,�Y►+-�9�y � w.0- +:�.s�..��a�.:...,.o�al:....t��rc� �i�' •�2s�.�`w;+,. `•'` � _ 4 . . ._ ;�'�'�t+''r�X -�x '�'h�,';�..ar}`�`-,r"" _ f� r-_�- _�r' �'-''�41�w.�'�',k..'... �.. . �'•'" °t`.'' .. �Y",'T'�2i_r:�.y:`�,;3.,Y-:'� r�;i ` _. F. ' , ' -r -. ' • • , • y• , � ' . If such consent is ob�ained the transfer of the licensee's right under the ssid license agreement shall be effected by an appropriate instrument of assign- ment �rom the Seller to the Purchaser, t� which ahall be appended an appropriate inatrument of a�asumption by the Purchaser, whereby the Purcha,ser will assume and agree to keep and perform, from and after the closing date, the obligations im- . posed upon the liceneee and will agree to indemnify the Seller against and : save the Seller� harmless from all liabili�ies under the said license a�reement. ; The Purchaser agrees to accept such transfer and to execute such assumption i agreement. In the event, however, that such Qonsent of the said licensor cannot � be obtained, both the 3eller and the Purchaser expressly waive all the fore- going provisions of this Paragraph in respect of and relating to any such transfer. ; 26. Certificate of accupan�. In the event that a Certificate � of Occupancy from the City Arc itect of the City of St. Paul, Minnesota, for . the Ramada Inn of St. Paul which 2�as not yet been issued, hae not been issued ' on or before the aloaing dete,• the Purchaser may thereafter do Whatever work ' needs doing for him to obtain the issuance of the Certif icate of Oecupancy � and have credited the cost of so doing against the paymentbt, f irst becoming � due under the a�orementioned Contract for Deed. 27. Pro�rty Line and High�ay Problems. There are certain property line and high�ray p�oblems affecting the real property covered by this agreement, which must be resolved to the satiefaction of the Purchaser, the resolution of which to his satisfaction need not occur unt�l aYter the closing date, provided, however, that he has a reasonable exgectation by the closing date of their resolution to hi� aatisfaction. A. �ae said property line problem consists of a bouridary line dispute betxeen the $e11er and the Highway Department of the State o� Minne- sota resgecting the location of the southerly boundary line of the Ramada Inn property. The dispute concerns the accuracy of separate surveys o� the Ramaaa � , Inn of St. Paul land, one by a surveyor employed by Biltmore Properties, Inc. prior to the construction of the Ramada Inn o� St. Paul thereon, and the otl�er a su�vey by a surveyor e�ployed by the State Highway Department. The survey of the s�veyor employed by Biltmore Propertiea, Inc. indicates that the Ramada ! Inn of St. Paul buildings, there being several auch, are all located within � but near to the southerly boundary line of that property. The survey of the r s�veyor eraployed by the State of Minnesota High�ay Department indicates that � said buildings extend over the said southerly bound,ary line a diatance varying � at points from 3 inches to 3 feet. � • ; B. 2'he aforementioned highway problems consiet of the 9 follawing: • 1 � (1) There is some indication that the State Highway Department proposes to erect along the southerly boundary line of �the said Ramada Inn of St. Paul land a chain link fence of a type that is cuatomary along the boundary line of the right-of-rray of Interstate � Highway PTo. 91+, which is in the proeesa of being con- � structed by the said State Highway Department alongside � the Ra.mad.a Inn of St. Paul and Lakes & Pines tyiotel land. ' (2) Certain exterior illum�nated electric light standards have been constructed either on the southerly � boundary line of the Ramada Inn of St. Pa�l land or beyond the southerly boundary line of that land on � State Highway land in such position that these electric E light standards may be required to be removed from their : existing location to locations inside and on the land of ' the Ramada Inn of St. Paul. -11- �. .. .�,.,� . . � ,.--_.,�- - -- - • �. �� .. . , , , . _ _ • . . ',;`�"�Y {�wr•,!��rk�ti'v�iH�+�r''�,-h:+��Rt:'ii*:�<'y`��`:51wk'!:.1i`",'."!'?'rr�-<wr.a.a�:,�"�';Yt4v�L;�rwi,•��e...>f:�.i'-,. c.�'dr��„• .._ ��; }. _ _ • . u.;�tiw. ..��r ':v=.��iat�„�r_ r , _ _,. _' ° ` m- ..- � s « . ' a. .. r. . r � -_ . _ 3+ua1�S`� - -. _,� _ ._ -... - _ >r . , . .y.. ._" ' _ ' _ � ; ; • • • . . � . � . , - • . , - . . �- i � (3) There is presently pending a condemnation proceeding in the District Court of Rameey County� Minnesota, by the said State $ighway Ilepartment of the right of access to the Ramada Inn o� St. Paul proper�y and the La.kes & Pines Motel property, and also of a portion ; of the Lakes & Pines Motel property to provide for an exit � ramp for the said Interetate Highway No. 94, in auch manner ' as to allo�r� the exit of traffic from said Interstate Hi�rhwa�r � • No. 94 into White Bear Avenue, the latter of which��n,� the Lakes & Pines Motel land on the west; and the,t it is con- templated by the said State Highway Department that a fence �rill be constructed along such exit ramp in such a manner as to shut-off present access to the Lakes & Pines Motel from the said Interstate Highway No. 91+, other than on and through Old Hudson Road which runs along the northerly boundary line of the said Lakes & Pines Motel land. 1 C. The Piu�chsaer Will consider that the above property line � and highway problems will be settled to his satisfaction if - (1) The said chain link fence running parallel to the southerly boundary line of the Ramada Inn property were placed no closer than 20 feet to the nearest building com- � prising the RamQda Inn of St. Paul facility, whether on land belon�ixig to the eaid State Highway Department or on land transferred by the said State High�ay Department to the Seller and by the Seller includ.ed in the aforementioned Contrac� for Deed for conveyance to the Purchaser. (2) The Seller is alloWed to leave in their existing locationa all the said light standards now located on State Hightray land. (3) The Purchaser participates with the Seller in negotiating with State or Federal authorities for appro- priate concessions or exchanges of land and of right of aceeas resulting in the resolution of the �ore�oing property line and highway problems, and that no portion of ar�y Ramada � Inn of St. Paul or Lakes & Pinea Motel land or of the right of access thereto be transferred or exchanged Frithout the prior approval of the Purchaser in the grocesa of the resolution of the said property line and highway problems. (�) The Seller be permitted by State and Federal� � autharities to place a large "Ramada" sign near the inter- � section of the southerly and westerly boundary lines of the said Lakes 8o Pines Motel land, if such permisaion is needed. or afte: 28. Money Paid to or Received �rom Highway Department. On,/the � closing date, the Purchaser shall reimburse to the 3eller any net outlay of money ; paid by the Seller to the Highway Department of the 3tate of Minnesota in resolving ; to the satisfaction of the P�cha.ser the aforementioned property line and highway � problems in accordance with the provisiona o� next preceding paragraph. If, in � � the resolution of said property line and high�ay problems the said Highway Depart- � ment pays to the Seller a net sum of money, the Seller sball apply and credit the I amount thereof to �he first monthly paymenta required to be made by the Purchaser � n the o ementioned Contx�act fo Deed if' it should d velop that the ehain � i Qlink h��way fence mentione� in Yaragraph 27-C(1� aboge ia placed ' closer han 20 feet to the nearest buildin com risin the Ram�.d Inn � of St Paul then and in that event the Se�ler �grees to and wil� � credi� to t�ie Purchaser the sum of �25 000.00 on the then principa7. � of said Contract for Deed, witYroi�b is�urbing the re gularly scheduled payments thereon such credit to be effective upon the date of the placement of sai'd fence . I : . -12- ......�,,.-. _.t , � _ . _.. . . . _ �:.--., . . ,. 4 T.-...a, ._,., ._. �}_`: " _ _ � . �L.,j•��t!�_, , . • " � � il . - . . ' - ; ] '_ l:.ii1 Y-''�:?':}�.-;.Ti.•�.1'a: -' .w." ._ , �-_. ' i„ ' k; .,}• • , , � . __'. S y.l-�ir•'!ytY?F i�.,P��:�' -... � - _ `~*' .4: ., . .J T° . . .�1.'• � .1��• f�'_- . . ' _' r.�riL _ __ - �_�taaxr...,i�ta�..,c�,'�`ib_t..n�yiwca'�;,�'�'W�'.�`'.�f�llti• _ _ " " ' _ ._ . i . i � • .•aw, • • � h' � • � . I � �i • a { 9 ' 29. Construction I'roblems. It is mutually understood and agreed that the Ramada Inn of St. Paul has certain construction or other � defects which require correction. The Se11er agrees to correct such defects �' on or before the closing date, to the reasonable satisfaction of the Purchaser. � To correct such defects the Seller a�rees to do the following: (a) Stop flooding of water into the dining room foyer ' area of the said Ramada Inn. � , � (b) Reconnect any electrical wiring of the air con- : ditioning system in the said Ramada Inn buildings that � needs reconnecting. � (a) Take such steps as are nece�sary to prevent the � �reezing of certain pipes in the employee kitnhen rest room + of said Ramad�a Inn that have been sub�eet to freezing because � of their location on outside walls. i � ' (d) Take such steps as are necessary to prevent the freezing of a plumbing line in the bar area of said Ramada Inn. . (e) Repair leaks, if any, in the roofs over the walk- � ways between the ma,�or buildin{3s of the said Ramada Inn. � (f) Repair a broken Window in the meeting room off the Oak Room of the said Ramada Inn. C (g) Repair or replace a defective decorative panel in one of the exterior doors on the north side of one o� the buildings of the said Ramada Inn. (h) Put in working order the li�ht f ixture over the ta.ble in Room 209 of the sa,id Ramads. Inn. ' (i) Repa.ir bent exterior light standards. In the event that the Seller fails to cure all of such defects prior to the • closing date, the Purchaser may thereaf�er cure any such defects that the , � Seller has f'ailed to cure and may charge and have credited the cost of eo � doing aQainst the payments first becoming due under the aforementioned � Contract for Deed. I � 30. Seller�s Warranty and Indemnification. The •Seller warranta that the real property covered by this agreement will be free of the imoosition , of any future liens thereagains� by reason of the past operation of the Ramada � Inn of St. Paul and the La.kes & Pines Motel prior to the closing date, and that the Seller will indemnify and save harmless the Purchaser on account of' any � �uch future liens arising subsequent to the date of closing by reason of the ! operation of said Ra,mada Inn of St. Paul and said Lakes & Pines Motel by the f Seller prior to the closing date. I � 31. Broker's Coffinission. A�y brokerage couanission payable � in connection �ith this transaction is the responsibilit,y of the Seller and ! not the responsibility of the Purchaser. i . ` 32. Statement in Reference to Room, Food and Beverage Sales. I There is attached to this a�reement, as Exhibit A, a statement furnished by the S�ller tb the Purchaser of reported room sales, food sales, and ba.r sales � of the Ramada Inn of St. Paul, for the period September l, 196� �through August ; 31, 1966, and from September l, 1A�6 to Februasy 24, 1967. TYie Seller warrants � � i �13- z { � i � � �__ "_". .v1"YM'^—�_ . .-. . :._�vr�—_ � - -`Y' �r. - � 1+ � . ' -_ ,- - , . iJl�� .e " ' _ r . . ' ' ' � _ %a. �� ,�. '�"��. '�--'. _': :r� _. -3 � __i, . � ' _ r:,r'_ • „y T�^ ._• 4 , . . :,- . ., , . -•- . ....�.�,.., .. , ,� ._..., � ., '".':..':'-� C. , .c } ' 1 �q.�, �+..,, . _ . , , , _ . . .—+�"n --3�_r.� : .� - -' va�+whest'F.+�.I�•�•' •�� ,r��. _.. ... _.... :. . . . ' ; `�,�. • - � �' ' � i • , a . . � . � . � „ ! that the said etatement, which shaws some omissions, is an accurate re- flection of the itema shown on the books. o� account for the said Ramada , Inn of St. Pau1 relating to the items appearing on the said statement. This warranty shall survive the closing of this transactton of sale and ' purchase. ; 33• Characterization of Seller and Re�uired Court Apgroval. � The Seller in this agreement of sale and purchase is Biltmore Properties, Inc., � a Minneaota corporation, whoae properties and estate are in the process of I Ziquidation in involuntary proceedings for its dissolution and liquid,ation, � in the District Court of Hennepin County, Minnesota, Fourth Judicial Distxiet, Case No. 625788, Files of the Clerk of said Court. It is executed on behalf ; of the Seller by Morris G. Levy, Jr., soZely in his aapacity as its Liquidating � Receiver, duly appointed as such by the said Co�t, and not in his individual I capacity. It is underetood and agreed that this agreement of sale and purchase E is me.de in all reapecta sub�ject to the apgroval thereof by said Court. The i Seller, by its Liquic➢ating Receiver, wi11 take such proceedings as are necessary ' to procure the app�roval o� the Court of thia agreement, without any expense to � the Purchaser. Tlie Liquid�tting Receiver of the Seller, by executing �his agreement, agrees to use reasonable diligence in the prosecution of such pro- ceedings. In �he event that the said Court shall refuse to approve this agree- �� ment, thereupon and thence�orth this agreement sl�all be null and void e.nd of � no further �orce and e�'fect, in which case the Seller ehall forthwith re�und to � the Purc�aser the earneat money paid hereunder, and neither the Seller nor the s Purchaser ehall h,ave any further liability hereunder to the other of them. ! 3�+. Time1 Com liance. Time is of the essence of this agreement. ; NotWithstanding this �rovision, bot the Seller or the Purch.aser may waive timely '� compliance with any of its terms by mutual consent expressed in writing, or �� either of them mQy unilaterally waive such timely compliance by the other of I them, through acquiescence by �ailure to insist upon timely compliance in an ` appropriate manner which, when feasible, shall be by a writing me.iled or ', delivered to the other of them. 35• Place of Closing. The delivery of all pa.pers and money - and the place of closing this transaction o� sale and purchase shall be at the ' � Ramada Inn of St. Paul, 1870 Old Hudson Road, St. Paul, Minnesota.. 36. Notices. Al1 notices in writing hereunder shall be deemed '� to have been duly given by the Purehaser to the Seller if mailed or delivered to Morris G. Levy, Jr., Liquidating Receiver of Biltmore Properties, Inc., addressed to him at 517 Hennepin Avenue, Minneapolis, Minnesota, 55�+03, and a copy thereo� ' ma.iled or delivered to his attorney, Carl K. Lif son, of the law f�.rm of Lif son, Kelber & Abrahamson, addresaed to him at 1bQ6 Cargill Building, Minne�olis, Minneeota, 55402; and such notices in writing shall be deemed to have been properly given by the Seller to the Purchaser i� ma.iled or delivered to Wi11is P. Tuller, addressed to him at 333 North Michigan Avenue, Chicago, Illinois, 60601, and a copy thereo� mailed or delivered to his attorney, Robert F. ' Leach, of the la�r firm of Oppenheimer, Hodgson, Brown, Wolff and Leach, addresaed to him at W-1781 F irst National Bank Buildin�, � St. Paul,Minnesota,, 55101. , : 37. Inte ation of Purchase Offer. This agreement �ully , integrates the terms and provisions of a p�c se offer of the Purchaser mQde to the Seller by a letter of the Purchaser dated March 6, 1967,supplementing a letter of the Purchaser dated February 28, 1967, both addressed to M�orris G. Levy, Jr., Liquidating Receiver of Biltmore Properties, Ine., and in all rESpects supplants the purchaeer offer thereby made. -11+- .._ __ ,..,.r.,_-,-_. _.. , -�- ..--�-- ---� , + - �, '� � ;�r�.3:,"_ .;'; " � ; ' • • , - :� ' - . , �� •r"�`Y� •Yt V��, f� " - — — _ :�.15�.• c t . � . . t V-t4J,:��v .a=>,�:».c,si, ' , . _.'�w,.ti��..:r _. ...,+•�;�.t'` - ..� - � - . - , _�.....�.;;��,f -w- . , �_' �i��, ' .:"i°s3`ik",'��,!i ' 14', . _ _ ' ' . - - ' :=y— ,_ :-F'i_ _ .� � �.._ llaur..a. ' — _"�'.'�.�.__ _, _�._i=�_:'�l�Gi...s.._.a._.4.��... _. __ - �.. ��L..eis p . , � . - _` , , • } .. t � ,� � c 38. Headnotes. Headnotes introducing paragraphs in thi� purchase agreement are for convenience of reference only, and constitute no essential part of the terms and provisions of this agreement and are in no way controlling. IN W�TNESS WHEREOF, the parties have executed this a�,reement the ds.y and year first above written. �_ ;� E f: 7 �� l r i, l= i' ' — '-- -- -- - - .1 S I ,, , • . � � ti . . , r : ` - . , . .,s � - ,, n � ^ ' . , �.�. � �""� r"� v1 O O �O O O� O 1� O 1� � Q � OD 00 �y' 1 t�l O N �D Ol C� N O t/1 00 � 00 n u'1 t N Op N c*1 N O� N 00 O Cp r--1 w w w 1 n w � w w w [--�� N 1ll �' 1 00 r-1 N � w w n .n w rl r-1 r--1 r--1� r--1 �--I r-1 � N •--1 Q� N 00 OO {/). � '-i �--1 �--1 � Cn �7 W H C7 W � O'� i N ir1 � s�1 O crf O � � <'1 � O ch � � � 1 �O c+'1 CO �O Op � QO � � t0 �O �O 1 n .� n n � w w �1 N �O 01 � P4 W N fr1 �1' �O '-1 r--1 N O� .—I r-1 r-1 • M • � . . � O �D N O O O f� � ^ � O �, o0 �DO0MOOc+� 1� � � � i� 4� ' i. ,, �, i , � i: �� , � F :; I� , ; i; �� , t� �� i �; i� � ��., � F� � � � .. ♦ Y . , n � �Y . . � � �� , fl a i..� •�j . STATE OF MINNESOTA IN DISTRICT COURT COUNTY OF HENREPIN FOURTH JUDIC7AL DISTRICT File Ro. 625788 ' In the MQtter of the Petition for Involuntary Dissolution, Pursuant to Minnesota Statutes, Section 301.49 et. seq. of Biltmore Propertiee, Inc., a MinneeotQ corporation, Carl Gerretrd 3rrendseen, Helen NlQe S`rendseen, + , . ,3 � ;_ �{ � • � � � i i� �, ; {� ; ii ' f. : i ' �3 �� •' • . _ , , t . . , . .. -;; - . � „ _ .�. . �'�-- •: - STATE OF MINNESOTA IR DISTRICT COURT COUNTSC OF HENHEPIN FOURTH JUDICIAL DISTRICT File No. 625788 In the Matter of the Petition for Involuntary Dissolution, Purausnt to Minneaota Statutes, 3ection 301.�+9 et. seq. of Biltmore Propertiee, Inc., a Minneeota corporation, Carl Gerrard 3kendseen, H�len Mae Swendseen, � and Thomas Irving S�+endseen, as stockholders of Biltmore Properties, Inc., ORDER OF CONFIRMATION OF SAI�E Petitionere, OF RAMADA INN OF ST. PAUL and 7.AxF'S & PINES MOTEL PROPERTY Ve� ON LIQUIDATING RECEIVER'S REPORT OF SAI,E AND PETITION FOR CONFIRMA Biltmore Properties, Inc., a Minnesota TION. corporation, and Harry Guatafeon, Dorie H. . _ . Guetnfson, John E. Rosander, Jr., Fdythe C. Rosander, Ec�ythe C. Rosander as trustee under Will of John C. Rosander, Sr., Peder � Mickelsen, Christine Mickelaen, Albert S. � � � � �.-� Tedeeco, Charlea L. Roberta, M. Jacqueline Steveneon, Trustee, William E. 8chone, and �pR ?� lq�i7 Dr. EdWard Schone as etockholders of eaid corporation, GE��p �, n,��.`�l`f�� Respondents. CLFRK C} I'"'r �' • I'1 ti"�. � �' � r , s �i ,?' �_'- ,< ?� � The above-entitled me.tter came duly ori�o� hearin� bef�r�`t`the undersi�ned, one of the �jud.ges of the above-named Court, on April 21, 1�67, on the verified Liquidating Receiver's Report of Sale of Ramada Inn of St. Pa.u1 and Lakes & Pines Motel property and his Petition for Confirma,tion thereof. • Carl K. Lifson, Esq., a��eared for the Liquidatin� Receiver. The L.fquidatin�; Recei�rer, Morris G. Levy, Jr., wa.s y�resent in person. Gene F. Bei�nett, E3q., of Rider, Bennett, E;an, Johnson �: Arundel, ap?-�eare�i for C:�.rl Gci•i•ea.•d S�aenceen, He1en N1ae Swendseen, and Thomas Irvin;; Swe ndseen, who are named as Petitioners in the carti��n of the at;ove-en�itled CB.SP.. � There w�,s no aN^earar�ce L-,y or an behalf of any other of the pa.rties t� �he aLove-entitled ac�,ion. . �. A APR `'� 1�5� ` � RS'Pa .:�`A4'_.Nja^..'i'Y.�.-��l.ia f.'�Y� !s.'St n� .r ... .a . , .t � .tL''�'A:?�.'. ».:�:� :r..' i I Y ' , ^ ^� �. . i .� i _ ' 38. Head.notes. Headnotes introducing paragraphs in this purchase a�reement are for convenience of reference only, and constitute no easential part of the terms and provisions of this agreement and are in no way controllin�. Ilv W�TNESS WHEREOF, the paxties have executed this a�,reement the day and year first above written. BIL RE PROPERTIES, INC. BY � Morris G. Levy, Jr.Its Liquidating Receiver. SELLER _ � /�� W llis P. Tuller �rxaxas� -1.5- , � ' - �• _ . . - • . _ - - - - , . , r � � r,z � . , • ' • .a�._..a�.�.�u.,,..,��.w� �� —�.�:,:.a.,...._d.....:,�., ---« _. - . - � , . ' . � . � ti . .. , _ _ , , . , , ..� �, .. . ., � ' . , - , E._. ' � ,-a ,-r �r► o o � o rn o � o r. � o , � 00 00 �y' 1 �fl O N �O O� Q� N O t/1 CO �O GO 1� U'1 t N Op N M w w w 1 � .� � w N G� N 00 O GO r-1 � � w , E-� CV t�1 � 1 00 r-� N � � N '-1 O� N 00 OO e--1 r-1 e-�i '-d��--1 �--I r-1 ^ e-�1 rl �-{ i!} � � v� W WHC7 W v� � W 1 N u'1 � OO �Ot*1 • O c'1 �tOM 1 �O C'�1 00 � GO �t 00 Rj Q. � 1 n w w � � n w 0 �l N �O 01 v; CQ W N c'') �7' �O r! r-1 N O� r-1 r-I /-i � M , , • v) ' ' .-� O �oNO00t� � a0 � o0r700c+1u1 " O� � M0 �1' CO .-1 .-1 1� �G O 00 u1 N t*1 �O � O� pq .. � w w n w .� w � O� �--i O N M '-I M r-+ O O .--1 Y'1 r-1 O� 00 e-� ' . r-1 r-i � e-�1 '-�1 r-1 r-1 r-1 C� r-1 � • � � � � � *-+ O t� a� O c'�1 N v1 C� c�"1 N r� ,-� � , � a o '-+ o �n n o � r� �n �n ao 0o ao � �c ' d' r-i f� �-i t!1 00 G� M � � 1� M O� 1� �' N � [-i w w .� w w w .� � � � �t o0 1� �--� 00 O O .--i � O� a0 � r� N �--� F NNNMNNNN p� � ',,� � r„� � � • � N N tr� v� V] Tar] � 6 W W � � � � � Or-IONI� Oc+10� or .och � a � �o �' �oar-+ o N cn e'n CV O+ t+1 c�'1 cr1 1� .-� �"� �o N o� p � Q �l GO rl trl �D 00 r-I � w •� � �' �O t!1 00 . } w w n .� � G4 W � � �1 C'n v1 ^ ch l� N � � . � , � � � O� O O u1 N p O N1 �G o0 c+� '-�I f� ' - OO � c'�1c'� p 00 e'� c0 �0o� 0 00 U1 rl N 1!1 �p �D �y' 00 N 1� M O� U' NC� OMf� � �G �O " w w w w P4 V}N N N '-1 �.,� .--f r-I � �O � CV N r-1 ��-1 r-I r-I r-1 N t/} � � . Ir7 �-. "� f/� N O C� n �Y' .-a O o0 �O �-+ p M �[� O O� �O CO t� t� � ' �t �t0 v'1 �Oc�'1 �tNNN t� �D Z QaO �Df� OQ� �^"+ M U'1 00 N �7 1� O� 00 N t0 �/1 u1 � 1!'1 �O M N O r-1 - S► � w w w n w w w w � w w n -.. . ., � N �O �O �' O \O O� r-1 �O N �D n ^ •� w n .� + Ri N r-1 r/ r-1 N r-1 �--1 N r-1 N N C7 N N N i--1 �-�-1 r�-1 .1 �� N, rd � v � r1 N �� C7 • ' d N ' x `° ' c� �. ° � � u, o� � rn �-t r�-+ �+ a~i a�i p, � H A s� a�i a�i >, � . � � � �+ tC 1� � 4J .n .n F+ �3 ai O a�i a6i af � .� .�-+ m r-1 v .n 6 � �f � • CL 11 '� U G .a !u-� 1�-+ 7�+ '.a'.' � 0�0 F G.1�J N Cl � �+ N t1 O Q7 cd a) cri G'. cd � � � O d U O GVl ad AGl � ' v� OZAhG*� � d � h �i � H v] QZA ►� f=+ • • . • ' ��r . • . � i , - . .l ' 1 . . i- . . ,_ . - . .--'T-•--_'�- o •- • -�-- -�raP--._•_� - ^ --�-----_'' _ . ' - \ , . • ' , ' .. " .t- " .. ' • ' _ '•;h��Y' '4y� y.�r� �-g l,.� .':��: .-.�y-.,.-f.. ,:..4.- -}-,� t�...�_-..._ ' _ _ a'_ � ",+�- 't sx: . . ° --•.tir�;: "r-. �F�__�,,,'+.:5'E.rr"a�., - '�'._. .. - .'.a` .,. :r,... > - - - ' - - _ - . a ';�5��' e..� a�,__ . . r.� • - _ �.r"__ q- .. _. ' �` _. .a r.4 ar �L"T......c.....s_ . _ '_ _ ' _ . � e _ '� :.•� � ' • M1` ' � �> �a . . , , l � � � �� t < . � � . - . � , Upon the aforementioned verified Report o� Sale and Petition � oP the Liquidating Receiver for Confirmation thereof, and on motion of � Carl K. Lifson, Esq., attorney for the Ziquidating Receiver, and on all 1 � the files, records and proceedings herein, the Court being fu11y advised � � in the premises, and it appearing therefrom that - '� A Report of Sale having been �iled herein, showing that the :� � � Liquidati.ng Receiver sold the real estate co�nly knman as the Rsmada � .Z '�1 Inn o� St. Paul and the Lakes de Pinee M�otel and incidental personal pro- .� perty used in conneetion there�rith, Whicb real estate i�s aituated in Ramsey County, Minnesota and is described as folloks: TRACT 1. (Ramada Inn of 3t. Paul I,and) � That portion of the West one-hali (W. �) of the Southxest quarter (5'Gl�) oP Section thirty-five (35), ToWnahip t�renty-nine (29), Ra�ge twenty-tWO (22) described aa t'ollovst Cosmencing at the point of intersection of the �eat line of said Section thirty-five (35), �ith the southerly line of Hudson Road, said Hudson Road as located acroas the South one-half (8.�) o� said 3ection as of August 18, 1920; thence southerly along said section line to the northerly line of State Trunk Highvay Bo. 12; thence easterly along the norther.ly line o� said Trunk HighWay 1(0. 12 to the easterly line of said 4�est one-hal� (K.�) oY the Southxest quarter (SF1u); thence northerly along said easterly ].j.ne of said Weat � of the SWu to the southerly line of said Hudson Roadj thence xeeterly along the southerly line o� said Hudaon Road to the point o� beginning, except the West eight hundred fiPty-four and Yifty- � Pive hwndredths (W. 854.55) feet measured at right angles thereof, except- � ing, hoztever, any portion o� the above described premiaes heretofore � taken for public highvay purposes, and aub�ect to easement of the State of Minnesota to erect and maintain temporary snow tences as set forth 3 in Ilocu�ent No. 7.7689�+ in the office of' the Registrar of Titles in � Ramsey County, Minnesota, according to the United States Qovernment Survey thereof. Also aub�ect to permQnent easements for sewer purposes and temporary eaaement �or construction purposes in �avor of the City of Saint Paul as set forth in Docu�ent Ho. �+6019�c�,and No. �+601.94 in the o�'Pice of the eaid Registrar of Titlea. A1so aub,�ect to ftotice of Lis � Pendens by the State of Minnesota as eet forth in Document No. 497201 � in the offiee of said Registrar of Titles. - � TRACT 2. (Lakes & Pines Motel I,a.nd). � The West eight hundred fi3ty-four and �ifty-five hundredths � (W. 85�•55) �eet, measured at right anglee, oP that portion of the � �lest one-1�].� (W. �) of the Southwest qusrter (SFT�) of Section thirty- t five (35), ToWnship tWenty-nine (29), Range t�renty-tsto (22) described k as �ollot�st Con�encing at the point of intereection oY the weat line = � of said Section thirttiy-five (35) with the southerly line of Hudson ; Road, aaid Hudaon Road as located across the South one-Yialf "(3.�-) of � � � . � 2. � � : ,l,,� ��`�'± �a.�„�""cT_b,..�y�+,jl , �s:''''L^-T; �.: � ,+,.. ,'>7}.-;..,o.� �+� 1`rr'i�'W,jY ' , �' - , . a.6': . .':1-.:.v.�- .`�': x1. - - .ifl!^ :�:� `�i�`�'i;; .�.�..".:4#._ �-fiSS'-_ c.y�;; •._-- .._._, �_;, � y. . . . n„ n • . . d� w• wb,r � • t, . .� ' �V.� . `o� " ' 3ection as of August 18, ,1g20; thence sou�herly along sald aection line to the northerly line o� Stdte Trunk Highway No. 1�; thence ea8terly along the llo�therly line of said Z'runk Highway �o. 12 to the easterly line of said Weet one-ha].� (�1. �) of the 3outhwest quarter (S�); thenee northerly along said easterly line o� aaid West one-�'ialf (W.�) of the 3outhwest quarter (�) to tbe southerly line of s�iie�. Hudson Road; thence Westerly along the southerly line of eeid Hudaon Road to the point o� be- ginning, cointaining five (5) acres, more or leas, accordi:ng to the United States (iovernment Survey thareoij exgepting hoWever any portion oi the above d.eacribed �remiees heretofore taken�Yor public � highvay purpomed, and sub�ect to eaee�nt o� the $tate o� Minnesota to erect and ma,intain te�porary snov fencea as eet forth �in Docwnent Ao. 176894 in the ofPice of the Regietrar of Titles in l�smaey County, Minnesot�. Also sub�ect to se�rar e�se�ent and teaporary• easement for construction purposes e�s aet forth j.n �nocument Fo. 426512 in the office of the e�id Regiatrar of Tit�es. Aleo sub�eat to Aotiee oi Lia Pendens by the 8tate of M�nneeota ae eet �orth in Doc�ent Po. �+97201 in the oglice of said Regiatrrar o� Titles, I to Willis P. Tuller, under an agreement for the sale and purcYiase thereof f entitled "Agreenent Por the 3ale and Purchase of Ramada Inn and Lakes d� i Pine� Motel property", for the sum of $1,350,.000.00, to be paid ae Pollo�s, � I to-Wit t . 4 � (a) �10,000.00 cash on hand paid; � (b) $165,000.00 cash on or before Me►y 1, 1967; (c) $912,000.00 apProximately, ahall be deemed to be paid � and credited against the purchase�price on account of unpaid remainder of that certain promissory note executed by Biltmore Properties, Ine. (under its former corporate name of Biltmore Motor Hotel, Inc. ) and � others, in Pavor o� PorthWestern l�ational LiYe Insurance Company, � dated Marcb 20, 196�+, originally in the principal anount o� $950,000.00, � bearing intereat at the rat.e of 6� per annum, in accordance �ith ite ,� terma, aecured by an existing f irst mortgage deed oY record against the said real eatate and itu'$�er secured by an existing Yirst mortgage � chattel lien against the a�orementioned personal property created 1}y a chattel mortgage of record against the said personal p�roperty, the � indebted.neae of �hich the said purchaser does not assume and agree to spay, but sub�ect to Which mortgage liens� both real and ehattel, the ; said putrchase shall ta.ke conveyance o� aaid �eal estate and personal � property, and sub�ect to a covenant by said purchaser that any default by said p�chaser of any of the covenante and agree�nts o� the mortgagor ' me�de in and under the said mortgage deed and ma,de in an8 under the said i chattel mortgage, shall constitute a de�ault by the said purchaser oP the covenants and agreements under the contract for deed hereinaYter mention by means o� which conveyance o� the said real eetate and personal progerty is to be m�de to said purchaser; ° 3• , _, �, � � . � -� - .., - . . � _ „ - � � -- _ _ ._. _� ..�� ._ _ . ' _� _ = -_,_ _ _� _..� _... . :,.:.., �:. .. __ . _ - _ � • -. �� ., �� - � , � •'- r' ' a," t _ �• ..) Yl �1 � � .� .. �. � � •` ^ • � ' • �•• , • e M ` � l ' (a) �i5,2oo.00 approximately she.11 be deemed to be pe,id �,_ and credited against the purchaae price on account o� the unpaid retie►inder in that approxime�te anount of that certain promissory note exeeuted by Biltmare Propertiea, Ina. (under � its lorn�er eorporate name oP Bilt�ore Motor Hotel, InQ. ) in � honor of 9vwin Ec 2�rers Aeso�i¢tes, Ine., dated F'ebruary 26, � 1965, originsl�y in �he prtncipuI: e�aount of �132,9b3.71 (3n- aluding as a �rt thereof add-on iatereat in th� amoimt .of � � �24,�+21.91 Go�puted at the rate o�"'� per annun �or Yive . �n �ea►r�, i.ri secord,ance vith ita te�ma� aea�ed by an exiating - �eco�d or ,junior mortgage lien against �he sa►3d real estate , areated Uy a �ortgage d�ed of re�cord; therea�gatinat, and furthar �ecu�ed by an exiating aecond or ��i.or chattel mortgage lien " . dgai:n�t �he s,foren�ntioned permonml-"property areated by a eecond � or �unior ahattel aortgqge�against �id personnl property, the i�btedaes� of xhich the s�id purcbltser doea aot asewee and � �ree to po►y, but sub�eet to whlali #�o�'tgage lieng, both real , - $n,d °o�at�e�,. tha said pv�c2�ss�r..s]sell �alte eonveya�nce of. eaid redl e,ste►ti� �. personal p�opert�r;� a�,l� aub�ect to a covenan� � " � � ?�y ssid pura}��ter that �r defa,ult b�r s�td 'purchaser of any oZ � ' , the covena�ts and agreenents of the� �icartgagdr �ni►de in and under the �a3d aartgi�ge deed and �acl;s� ia �d under the easd ohe.ttel nortga.p,�, _ _ ab�l.l eo�stitute a derau�.t by tha eaid purehaser o! the covene�nta � and �agreet�ta�s oi the eontr�at �or d�eed lieretuafter s�ationed b� �� , � �a►ns of whiah Qoaveysnce ot the .a�i� real estate and personal � property is �o be �de to aaid. �a2�aser j . � (e) �147,800.00 a�rproxim�tely (.iaareseed ar denr,aased �o . ad3udt for the dctval re�ae►indQr oZ.said puroh�se pr�ae to , equal t2�e te►t.41 purohsse price oi �1,3�j:0,000.00), repre�enting t2i� re�,incler o! said total purchase grice, t.og�ther with intereat at t2u r�te of 6'�, per ann� oa the prineipal tliereof - � xe�3ning i�o� time to ti�re unpuid, ie pe��rab].e in conse�uti�e equ�l �onthly inetallsents o� pritteip�l nnd intere�t �►t tbe - rate atoresaid., eaah in the. aao�mt of �1,�50.00, or aore in s,r�r nu].tiple thereo�', aoienci,ng one �onth follc�ving the date �rsid Qont�ac� !or deed ia date�, wnd coatinuing until the said prine�pe�l wount of said aontraot !or deed and interedt on aaid prYnQigal s�ot�nt 3�s baen o�apletely pe�id a�nd. eaorti�ed, with edck� snch �onthly inetall�e�nt to l�a applied, lirst, to interest ' tro� tiae to ��e in decress3� �r�ad3p�1 bala�nces, s,nd next, to ' prinaipel; and i� further appearing that auah e�le has been �airly aonducted and ie i� ' full cor�tor�i�y �rit� l��t nnd in aneordance vith the instruations ot �hia Gourt to�� tha Liqui.11,�ting Recei,ver in reepect thereot as set forth in the order of this Court dated the 28tb da,y o! �!e►rch, 1967, - r ' IT I8 SEREPl� ORDERID, . .- 1. Tha� tba .�a�id eale be, �nd it is herebT, contii�ed. � 2. Tklat the Liquidating Reaeiver be, a�nd �Ce is. h�reby, au�o.rized ` • � • , - . �. . � - 4. ,:� l � � . � .. � - -.- � _ � , � . �� ' � � � • • � ' ._� � ' , S�•�1. • ` - ' _` . » . . _� � ��" - � _ _ _ �HY ' rr�...�►P^-z..v+.�ywo'yry""'k�-R-n+4"..rn rw-srN-� .��r Mrw ' - � '�j+y. • . . , � . ' _ " � y • - - F` ' -; , ' 1 , �'�•! .�'.I',' '4^ Z'. ` J 4 , . • ; ' e'. � ^ - � - - ; `1 ,7�' . .•.+rti��c f - ' _ � , '_ ' ,�` ., r f, s �+ �a;' � r' Y ' .5 `. �,Y,� .,�`"k. ";x� t. 'K [ .��. ��P%, �`A,n r�„' ':*., - xa:��-l.�' ' ' ' �P ' • 'r? _ 1 =ti - �i`-r..r� ' '��`,.'y�_.,',` p �.,��}'!� ,•9�.�.-,. 'k� - `? 0. ,�p . �, . ..As•0.,�p - ''Fr `� .ti'' it- - � ,f ++;"f'Tj"-`°'?'I" -_-�("L .-ye v_ P` , '_ ' -��c,1.T$-'�,��.;� t" '..- '?x�.��:4�r'�.i..�•,r�Y'� 3�" `�;'�:';�;}';�-,;�;-_ �r�qf� � ..r ,�1�� _ , , - - __ - - ' - �� t�:i � �� .� 'd�.; � 1'� ' Y3��:�1�LL;-'°r3,�t�r '�7�.�,.,T r ;} . _ . L � M`--t[ +�g.Civ,",• — ,t. � ' ' ' ' •Tw b I' �`�� ' ?�� , � � � � �,` b- tc i+ ) n n F r' �( y ,�7 .� r 1 �'� . . I'► . ' � . ��, �in �o I � � and direated to deliver to the Purchaaer an inatrument o� eonveyance, � E accordirig to law, and othervise to carry out and aomply vith the terme � � and conditione of eale upon the Purchaser's ca�pliance With �he terms i . j aad conditions o� said eale as in s�id agre��ent set iorth. I ' 3. That the Liquidating Reaeiver be� and he is hereby, authorized � and directed to make, enter into, exeQUte, �nd to c�rry out ax�y aad all i � agreemente and other inatrw�ent$ which, in hia �udgeent, me�y be neceseary � to ceirry out the ter�s and p�rovisione of tl�e eiore�entioned agreesent of �. ; � ►,. - ' :i ;. ' . � ,, � . ' �� ' ,# s �j a .� " � �_ .