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A. Seller and Purchaser entered into a Real Estate Contract dated December 19, 2012 ("Contract") for the property <br />described in Exhibit A attached to the Contract and incorporated into this Agreement by this reference. <br />B. Purchaser has expended considerable time, money and effort to satisfy the conditions precedent in the Contract. <br />C. The expiration of the Contingency Period is about to occur, and the parties desire to extend such date. <br />THEREFORE, in consideration of the mutual covenants contained in the Contract and other good and valuable <br />consideration, the receipt of which is hereby acknowledged between the parties, Seller and Purchaser agree as <br />follows: <br />1. The expiration of the Contingency Period set forth in Article 6A of the Contract is extended to expire on <br />November 11, 2013. <br />2. Except as modified by this Amendment, the Contract is ratified and confirmed by the parties. <br />3. This Amendment may be signed in one or more counterparts, all of which taken together shall constitute one and <br />the same document. <br />Recommendation: <br />It is recommended that the HRA approve the Second Amendment to the Real Estate Contract Between the Ramsey <br />HRA and McDonald's USA, LLC with an extension of the contingency period to November 11, 2013. <br />Extending the contingency period will allow the City to proceed to closing with all contingencies removed. Not <br />approving the extension could potentially allow McDonald's to walk away or self -perform on the project <br />improvements, neither option is desirable given the desire of the HRA to close on the property in a timely manner. <br />Funding Source: <br />Not applicable. <br />Action: <br />Approve Second Amendment to the Real Estate Contract Between the Ramsey HRA and McDonald's USA, LLC <br />with an extension of the contingency period to November 11, 2013. <br />Attachments <br />Original Real Estate Contract McDonalds <br />First Amendment to Real Estate Contract McDonalds <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/03/2013 12:32 PM <br />Form Started By: Jo Thieling Started On: 10/03/2013 09:19 AM <br />Final Approval Date: 10/03/2013 <br />