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3. Buyer acknowledges that the Contingencies, Inspection Period, and Title <br /> Examination pursuant to Section 4 and Section 6 of the Purchase Agreement have <br /> expired. <br /> 4. Notwithstanding Section 3 or any other provisions in the Purchase Agreement: <br /> a. Within ten (10) business days of execution of this Amendment, Buyer shall <br /> deposit an additional $20,000.00 of Earnest Money with the Title <br /> Company, and $5,000.00 of Earnest Money will immediately become non- <br /> refundable. <br /> b. Future Closing Date Extensions. <br /> i. In the event Buyer desires to extend the Closing Date deadline in the <br /> future, Buyer is required to provide written notice of the extension <br /> prior to the expiration of this agreement. <br /> ii. Each future extension to the Closing Date shall be two month terms. <br /> iii. Each future extension of the Closing Date will result in $5,000 of the <br /> Existing Earnest money becoming immediately non-refundable. <br /> iv. A maximum of three future extensions will be allowed (six months, <br /> $15,000 of Existing Earnest money becoming immediately non- <br /> refundable) <br /> 5. All other terms of the Purchase Agreement remain unchanged except to the extent <br /> inconsistent with this First Amendment. <br /> The City of Ramsey, Minnesota <br /> By: Dated: , 2017 <br /> Sarah Strommen, Mayor <br /> By: Dated: 12017 <br /> Kurtis G. Ulrich <br /> City Administrator <br /> GS Land, LLC <br /> By: Dated: 12017 <br /> 2 <br />