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<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 /> <br />a.Buyer must obtain certificates of occupancy for the construction of fifteen (15) <br /> <br />single family homes pursuant to the following schedule: <br /> <br />Construction Deadline Schedule: <br />Five (5) certificates of occupancy by October 1, 2019 <br />Five (5) certificates of occupancy by October 1, 2020 <br />Five (5) certificates of occupancy by October 1, 2021 <br /> <br />Once a certificate of occupancy is issued for a lot comprising part of the Property, <br />the Right of Re-Entry shall automatically be released by the Seller as to such lot. <br /> <br /> <br />b.For each year depicted within the Construction Deadline Schedule, three (3) of <br />the five (5) certificates of occupancy shall be for lots located immediately <br />adjacent to, and fronting, either Ramsey Boulevard or Bunker Lake Boulevard. <br /> <br /> <br />3.Seller may impose a separate penalty of $20,000.00 against the Property if the <br />certificate of occupancy is not obtained, for each of the 15 single family homes, <br />pursuant to the deadline set forth above. The penalty is due upon written notice to <br />Buyer from Seller of the failure to satisfy a contingency. In the event the penalty <br />is not paid within 30 days of receipt of the notice, Seller may, but is not required <br />to, certify the penalty to Anoka County as an assessment against the Property. <br />Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any <br />other applicable law, including any right to notice of hearing and hearing, the right <br />to object, and the right to appeal the assessment. Buyer further waives any <br />requirements of the City Charter that may apply to said assessment. <br /> <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 />The Seller agrees to waive the right to re-enter and take physical possession of the <br />Property upon satisfactory completion and inspection by the Seller of the Stage I <br />Improvements as follows: <br />Trunk and lateral sanitary sewer. <br />Trunk and lateral water main. <br />Storm drainage facilities (when specified). <br />Stormwater maintenance through 90 percent buildout. <br />Resolution #18-050 <br />Page 4 of 7 <br /> <br /> <br />