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16.
<br />
<br /> City, on the date that is five (51) years from the date of this First Amendment, the
<br /> entire outstanding Fmncipal balance of the $2,000,000.00. No such payments are
<br /> due as a result of Developer's prior sale of the U~iso[d Subject Property or
<br /> Developer's prior sale of Outl°t I, RAMSEY TOWN CENTER ADDITION,
<br /> Anoka County, MinnesQta, i[AND THE 1031 EXCHANGE THAT TOOK
<br /> ILLA.CE IN 12/04---ROLFE iWORDEN HAS THE DETAILS.]. ~
<br />
<br />Subject to the condition precedent and the condition subsequent described below,
<br />Sections 4.17, 4.18 and 4.19 Of the Master Agreement are deleted and the text of each
<br />Section is replaced with the folloWing: "INTENTIONALLY oMITTED". The
<br />provisions of this Section 16 are not effective until the City has levied the special
<br />assessments described in Sections 7.6, 7.12, .7.16 and 9.2 of the Master Agreement, as
<br />amended by this First Amendment, mad the period during which any party is entitled to
<br />object to or appeal any one or more of:those assessments pursuant to Minnesota Statutes,
<br />Section 429.081 has expired. Once all applicable appeal periods under Minnesota
<br />Statutes, Section 429.081 have expired, the City and the Developer must execute a
<br />written instrument confirming tl~e. e,xPir.afion of those appeal periods. If prior to the
<br />expiration of the appeal periods established by Minnesota Statutes, Section 429.081,
<br />Developer or any other party with ~ariy .right, title or interest in or to the Unsold Subject
<br />Property files a notice of objection tO the special assessment pursuant to Mimxesota
<br />Statutes, Section 429,061, Subd, 2,: or commence, s an action to appeal the special
<br />assessment pursuant to Mirmesota StatUtes, Section 429.081 or otherwise, this Section 16
<br />shall, at the option of the City, terminateand be of no further force and effect.
<br />
<br />Section 5.1 of the Master Agreement is hereby deleted in entirety, and a new Section 5.1,
<br />is hereby added to the Master Agreement to read as follows:
<br />
<br />5.1 CITY HALL AND. CITY pARKING RAMP SITES.
<br />
<br />C.o~ tu~,,~, ............. j ......... - ~,,,e~.,~t,u,~ of thi. s ...~l ot Amcndm.ent,As__soon
<br />after the date bO.r.eof as. tlle :City 'plats the Core Area as Ramsey Town
<br />C. enter }th Addit. iP.,n, .the Ci. tY~mUSt convey the City's Ninety Foot Tract to
<br />the Developer subject to all covenants, conditions, restrictions and
<br />easements that were of redord as of September 16, 2003, if any, and the
<br />pending special assessments described in Section 7.6, 7.12, 7.16 and 9.2 of
<br />the Master Agreement,-as amended, and the Developer must convey
<br />marketable title tO the City Flail and Parking Ramp Sites to the City
<br />subject only to
<br />
<br />(a) the pending special asSessments described in Section 7.6, 7.12,
<br />7.16 and 9.2 of this Master Agreement, as amended [Jim, is this
<br />correct?];
<br />
<br />(b) the restriction set forth 'in .the _lTl-lIS IS THE RESTRICTIVE
<br />COVENANT IN,FAVOR OF COMMUNITY NATIONAL BANK--
<br />ROLFE WORDEN I-I.~$..;THE PARTICULARS ON THlS
<br />
<br />DOCUMENT.! : dated and recorded in the
<br />office of the An°ks County Registrar of Titles on as
<br />
<br />17111652v2
<br />
<br />
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