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a. Buyer must obtain certificates of occupancy for the construction of nine <br /> single family homes pursuant to the following schedule: <br /> i. Three certificates of occupancy by December 01, 2017. <br /> ii. Three certificates of occupancy by December 01, 2018. <br /> ill. Three certificates of occupancy by December 1, 2019. <br /> 3. Seller may impose a penalty of$3,000.00 against the Property for each certificate <br /> of occupancy that is not obtained pursuant to the deadlines set forth above. The <br /> penalty is due upon written notice to Buyer from Seller of the failure to satisfy a <br /> contingency. In the event the penalty is not paid within 30 days of receipt of the <br /> notice, Seller may, but is not required to, certify the penalty to Anoka County as <br /> an assessment against the Property. Buyer waives any and all rights under <br /> Minnesota Statutes, chapter 429, and any other applicable law, including any right <br /> to notice of hearing and hearing, the right to object, and the right to appeal the <br /> assessment. Buyer further waives any requirements of the City Charter that may <br /> apply to said assessment. <br /> 4. As an alternative to imposition of a financial penalty and not in addition thereto, <br /> Seller may re-enter and take physical possession of the Property. Title to the <br /> Property shall be restored in Seller, and Buyer shall execute whatever documents <br /> and undertake whatever steps are necessary to establish and confirm Seller's fee <br /> simple interest in the Property free of any claims or encumbrances, including <br /> mechanic's liens. <br /> 5. This document constitutes the entire Right of Re-entry Agreement between the <br /> parties. Any modifications or amendments to this Agreement must be in writing <br /> and signed by both parties. <br /> 2 <br />