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BRIGGS <br />MORGAN <br />2200 105 Center <br />80 South 8th Street <br />Minneapolis MN 55402 2157 <br />tel 612 977.8400 <br />fax 612 977.8650 <br />MEMORANDUM <br />TO: Mr. Kurt Ulrich <br />City Administrator, City of Ramsey <br />FROM: Sarah J. Edstrom Smith <br />DATE: February 4, 2016 <br />RE: The City of Ramsey, Minnesota and the Housing and Redevelopment <br />Authority in and for the City of Ramsey, Minnesota - Right of Re -Entry <br />Contained in Deed to McDonald's <br />Client Matter No. 12952.57 <br />On February 26, 2014, The Housing and Redevelopment Authority in and for the City of <br />Ramsey, Minnesota (the "HRA") executed a Quit Claim Deed conveying Lot 2, Block 1, COR <br />TWO, Anoka County, Minnesota (the "Property") to McDonald's USA, LLC ("McDonald's"). <br />The Quit Claim Deed was recorded in the office of the Anoka County Registrar of Titles on <br />March 3, 2014 as Document No. 522138.002 (the "Deed"). McDonald's planned to construct a <br />new restaurant on the Property. <br />The Deed contained a right of re-entry in favor of the HRA. Pursuant to the terms of the <br />right of re-entry contained in the Deed, the HRA may commence an action in Anoka County <br />District Court seeking an order re -vesting title to the Property in the HRA if either of the <br />following conditions are not met: <br />(1) McDonald's does not commence construction of the improvements on the Property <br />within 720 days after the date of the Deed (deadline is February 16, 2016), or <br />(ii) McDonald's does not substantially complete the construction of the improvements <br />within 1080 days after the date of the Deed (deadline is February 10, 2017). <br />As defined in the Deed, McDonald's will be deemed to have commenced construction <br />when it has (a) obtained building permits for the construction of the improvements; and (b) <br />caused material or labor to be furnished to the Property in a manner and to an extent sufficient <br />that a mechanic's lien for such work would attach and take effect pursuant to Minn. Stat. <br />§514.05. McDonald's will be deemed to have substantially completed construction of the <br />improvements when McDonald's opens for business on the Property. <br />7443100v1 <br />Briggs and Morgan. Professional Association <br />Mrnneaposrs i St. Paul 1 www.bngos,com <br />Member • Les hiu+ioi- a Global Association of independent Law Frans <br />