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on the Property by July 31, 2020. At Closing, a "Right of Re -Entry Agreement" must be <br />executed and recorded to the Property providing that, in the event the above deadline is <br />not met, Seller has the right to reclaim title to the parcel(s) for which a certificate of <br />occupancy was not obtained or in the alternative, and at Seller's sole discretion, Buyer <br />shall pay Seller a $150,000 penalty. In the event the penalty is not paid within 30 days of <br />receipt of notice, Seller may certify the penalty to Anoka County as an assessment <br />against the Property. <br />29. TIME PERIODS. The time for performance of any obligation or taking any action <br />under this Agreement shall be deemed to expire at 5:00 p.m. Pacific Time on the last day <br />of the applicable time period provided for in this Agreement. If the time for the <br />performance of any obligation or taking any action under this Agreement expires on a <br />Saturday, Sunday or legal holiday, the time for performance or taking such action shall be <br />extended to the next succeeding day which is not a Saturday, Sunday or legal holiday. <br />30. PLATTING & DEVELOPMENT AGREEMENT. Buyer must obtain an approved <br />final plat, development agreement, and building exterior visual renderings with the City <br />of Ramsey for its intended project before Closing. The Development Agreement and Site <br />Plan must comply with all local zoning ordinances and design standards, including The <br />COR Design Standards. <br />SELLER: The City of Ramsey, a Minnesota municipal corporation <br />By: <br />John LeToumeau, Mayor <br />By: <br />Kurt Ulrich, City Administrator <br />Dated: , 2019 <br />Dated: , 2019 <br />BUYER: KNOLL PROPERTIES, LLC, a Minnesota Limited Liability Company. <br />By: Dated: , 2019 <br />David J. Knoll, Chief Manager <br />Page 10 of 10 <br />