Agenda - Council Work Session - 01/11/2016

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Ramsey, Minnesota Sunwood Drive L/C: 022-0575 THIRD AMENDMENT TO REAL ESTATE CONTRACT This THIRD AMENDMENT TO REAL ESTATE CONTRACT ("Amendment") is dated Feb. Zo,m 2014, between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA, a public body corporate and politic and er the laws of the State of Minnesota ("Seller") and McDONALD'S USA, LLC, a Delaware limited liability company ("Purchaser"). The following statements are a material part of this Amendment: A. Seller and Purchaser entered into a Real Estate Contract dated December 19, 2012 as amended by First Amendment to Real Estate Contract dated June 11, 2013 and Second Amendment to Real Estate Contract dated October 15, 2013 (collectively, the "Contract") for the property described in Exhibit A attached to the Contract and incorporated into this Agreement by this reference. B. Seller and Purchaser desires to further amend the Contract. THEREFORE, in consideration of the mutual covenants contained in the Contract and other good and valuable consideration, the receipt of which is hereby acknowledged between the parties, Seller and Purchaser agree as follows: 1. Exhibit A attached to the Contract is deleted and the Exhibit A attached to this Amendment is substituted in its place. The lot designations shown on the plans attached to the Contract as Exhibit B are hereby amended as follows: All the references to Lot 3, Block 1 are now changed to Lot 1, Block 1 All the references to Lot 4, Block 1 are now changed to Lot 2, Block 1 All the references to Lot 5, Block 1 are now changed to Lot 3, Block 1 3. Article 3 (Deed and Other Documents) of the Contract is deleted in its entirety and the following is substituted in its place: "3. Deed and Other Documents: Seller will convey insurable title to the Premises by quitclaim deed, subject only to title and survey matters approved by Purchaser in writing pursuant to the terms set forth in Article 5 of this Contract. Seller will also cause to be delivered to Purchaser, at closing, a restrictive covenant in recordable form, in substantially the same form and substance as the restrictive covenant attached as Exhibit C. Seller agrees to execute and deliver to Purchaser any other affidavit, statement or other document normally required by the Title Company (hereafter defined) as a condition for the issuance of the title insurance policy or for the escrow closing provided for below." Document#:5830971 v 12 Document #: 1273065-v6