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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 August , 2017, by and <br />between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and MK <br />Johnson Properties LLC., a Minnesota limited liability company ("Buyer"). <br />Recitals <br />A. On August , 2017, Seller conveyed title of the following Property to Buyer: <br />LOT 1, BLOCK 1, COR STONE BROOK ACADEMY, COUNTY OF ANOKA, <br />MINNESOTA. <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 City of Ramsey and MK <br />Johnson Properties LLC, dated March 15, 2017, as amended, it is the intent of the <br />parties to create and set forth a right to impose a penalty or a right of re-entry in <br />favor of Seller in the event Buyer fails to satisfy the 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 />