Purchase and Sale Agreement between North Park Holdings Inc. and Heartland Inc. for Real Properties in ND and MN

Summary

North Park Holdings Inc. agrees to sell, and Heartland Inc. agrees to buy, three specified real estate properties located in North Dakota and Minnesota for a total price of $485,000. The purchase price will be paid by Heartland Inc. in the form of 121,250 shares of its restricted stock. Heartland Inc. will also cover all closing costs for both parties. The escrow period for the transaction is set at one week. The agreement is signed by representatives of both companies.

EX-10.2 4 f8k_0617ex102-iwlj.txt ACQUISITION OF PROPERTIES IN ND AND MN Exhibit 10.2 - Purchase/Sales Agreement Purchase/ Sales Agreement North Park Holdings Inc as Sellers, and Heartland Inc. as buyer, hereby agree that the Seller shall sell and the Buyer shall buy the following described properties UPON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH. The Purchase Price of: $485,000.00 Paid in Restricted stock $485,000.00 Number of shares 121,250.00 Legal description of real estate Lot Four (4), Block Four (4), Steve Adams Second Addition, Walle Township, Grand Forks County, ND. Lot size is 2.75 acres (120,000 SF) with frontage on 21st Street SE. Lot shape is rectangular. Estimated market value: $60,000. Lot Four (4), Block One (1), Edgewood Estates Addition to City of Grand Forks, North Dakota. Lot size is 2.7 acres (116,563 SF) with frontage on Belmont Road. Lot shape is rectangular. Estimated market value: $60,000. 306 Demers, East Grand Forks MN Estimated market value: $365,000.00 Financing: Total purchase price shall be paid with 121,250 shares of Heartland Inc. Buyer to Pay all closing cost of both buyer and seller. o The escrow period shall be 1 week. /s/ Jeffrey Brandeis 6/17/04 - ------------------------ ------- Heartland Inc. Date Buyer /s/ Joseph Cordi 6/15/04 - ------------------------ ------- North Park Holdings, Inc Date Seller