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[Reserved for Recording Data] <br /> RIGHT OF RE-ENTRY AGREEMENT <br /> This Right of Re-entry Agreement is entered into on , 2017, by <br /> and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and <br /> Morning Sun Homes, Inc., a Minnesota corporation ("Buyer"). <br /> Recitals <br /> A. On , 2017, Seller conveyed title of the following Property to <br /> Buyer: <br /> Outlot A, Ramsey Town Center 8th Addition, City of Ramsey, County of Anoka. <br /> B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions <br /> as set forth below. <br /> C. As indicated in the Purchase Agreement between the parties dated May 10, 2016, <br /> it is the intent of the parties to create and set forth a right to impose a penalty or a <br /> right of re-entry in favor of Seller in the event Buyer fails to satisfy the <br /> Conditions. <br /> Agreement <br /> 1. The recitals are incorporated herein as if fully set forth. <br /> 2. Seller shall have the right, but not the obligation, to either impose a penalty against <br /> the Property pursuant to Paragraph 3, or to re-enter and take possession of the <br /> Property pursuant to Paragraph 4, in the event that any of the following Conditions <br /> are not satisfied by Buyer: <br />