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BRIGGS 2200 IDS Center <br /> 80 South 8th Street <br /> Minneapolis MN 55402-2157 <br /> A N p 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: March 21, 2017 <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 /> Documents Executed at Closing <br /> 1. Deed. On February 26, 2014, The Housing and Redevelopment Authority in and <br /> for the City of Ramsey, Minnesota (the "HRA") executed a Quit Claim Deed conveying Lot 2, <br /> Block 1, COR TWO, Anoka County, Minnesota (the "Property") to McDonald's USA, LLC <br /> ("McDonald's"). The Quit Claim Deed was recorded in the office of the Anoka County Registrar <br /> of Titles on March 3, 2014 as Document No. 522138.002 (the "Deed"). McDonald's planned to <br /> construct a 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 /> (i) McDonald's does not commence construction of the improvements on the Property <br /> within 720 days after the date of the Deed(deadline was 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 was 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 /> Briggs and Morgan,Professional Association <br /> Minneapolis I St.Paul I www.briggs.com <br /> 8219923v2 Member-Lex Munch,a Global Association of Independent Law Firms <br />