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of this Agreement.&facsimile, .mdffile mdigital copy ofusigned counterpart or of an <br />assemblage of counterparts of this Agreement shall be deemed to be an original thereof. <br />28, CONSTRUCTION DEADLINE. Buyer shall obtain ucertificate ofoccupancy from the <br />City of Ramsey for the construction of minimum 60 unit 4 story hotel with restaurant <br />compliant with COR Zoning requirements to be further defined by an approved Site Plan <br />uyear after closing. AtClosing, a"Right ofRe-Entry Agreement" must bcexecuted and <br />recorded to the Property providing that, in the event the above deadline is not met, Seller <br />has the right to reclaim title to the parcel(s) for which a certificate of occupancy was not <br />obtained. <br />%9'TIME PERIODS. The time for performance o[any obligation ortaking any action <br />under this Agreement obaU be deemed to expire at 5:00 p.m. Pacific Time on the last day <br />o[the applicable time period provided for iothis Agreement. lfthe 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 ahn|| 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 />ofRamsey for its intended project 6cfbrcC|ooing. The Development Agreement and Site <br />Plan must comply with all |nou| zoning ordinances and design standards, including The <br />[(}RDcsign Standards. City o[Ramsey will reimburse Buyer upio $3500 for re -platting <br />expense. The reimbursement will only take place upon a successful closing and City of <br />Ramsey is not responsible for any coot rcinnbumennoni i[Buyer does not close on subject <br />property. Buyer to provide written documentation of platting costs for reimbursement. <br />38. CONTINGENCIES. luaddition toall other requirements and contingencies bvthe <br />Buyer and Seller herein, the Purchase Price Vf$|.00imcontingent onthe following: <br />u. Satisfactory review ofthe underwriting hythe Seller demonstrating the need nf <br />financial assistance inthe form ofnland write down of $320,099. <br />b. City Council approval and execution of a Tax Increment Financing Agreement <br />1-tween the Seller and Buyer and or its assigns. <br />c. ity Council approval of Business Subsidy for Buyer and or its assigns. <br />uey,uMinnesota municipal corporation <br />0u��/1H � d� �/— <br />~ �~�~ .^ <br />/ <br />Kurt Ulrich, City Administrator <br />Dated: <br />Page 10 of 12 <br />