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<br /> <br /> <br />FIRST AMENDMENT <br />TO <br />PURCHASE AGREEMENT <br /> <br />This is the First Amendment to the Purchase Agreement by and between the City of <br />Ramsey, a Minnesota COBBLESTONE HOTEL <br />DEVELOPMENT, LLC , <br />dated February 5, 2020. <br /> <br />Recitals <br /> <br />1. The Buyer desires to change the Buyer entity from Cobblestone Hotel Development, LLC, a <br />Wisconsin limited liability company to Ramsey Hotel Group LLC, a Minnesota limited <br />liability company. <br /> <br />2. EFFECTIVE DATE. The Effective Date remains February 5, 2020. <br /> <br />3. SALE OF PROPERTY. The Buyer and Seller desire to amend the acreage of the parcel to <br />approximately 1.428 acres (62,204 SF). <br /> <br />4. PURCHASE PRICE. The purchase price for the approximate 1.428 acre (62,204 SF) parcel <br />is $1.00 (the Purchase Price), subject to the proposed site plan depicted in attached Exhibit <br />A plus or minus the prorations and credits as provided for herein. The property valuation is <br />$311,020. <br /> <br />5. CONTINGENCIES. In addition to all other requirements and contingencies by the Buyer <br />and Seller herein, the Purchase Price of $1.00 is contingent on the following: <br /> <br />a. Satisfactory review of the underwriting by the Seller demonstrating the need of financial <br />assistance in the form of a land write down of $311,020. <br />b. City Council approval and execution of a Tax Increment Financing Agreement between <br />the Seller and Buyer and or its assigns. <br />c. City Council approval of Business Subsidy for Buyer and or its assigns. <br /> <br />Agreement <br /> <br />1. AMENDMENT APPROVAL. Seller hereby approves this First Amendment to Purchase <br />Agreement and the changes included in the above Recitals. <br /> <br />2. REMAINING TERMS. All other provisions of the Purchase Agreement, as amended, <br />remain unchanged except to the extent inconsistent with the terms of this First Amendment to <br />Purchase Agreement. The terms used in this First Amendment to Purchase Agreement have <br />the same meaning as in the Purchase Agreement. <br />Page 1 of 3 <br /> <br /> <br />