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\[Reserved for Recording Data\] <br />RIGHT OF RE-ENTRY AGREEMENT <br /> <br />This Right of Re-entry Agreement is entered into on ______________, 2020, by <br />and between the City of Ramsey, a Minnesota municipal corporation (“Seller”), and <br />Cobblestone Hotel Development, LLC, a Minnesota Limited Liability Company (“Buyer”). <br />Recitals <br />A. On ____________________, 2020, Seller conveyed title of the following Property <br />to Buyer: <br />The East half of Outlot A, COR Stone Brook Academy, to be platted as: T.B. D. <br /> <br />Anoka County PID Number: Portion of 28-32-25-23-0018 <br /> <br />B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions <br />as set forth below. <br />C. As indicated in the Purchase Agreement between the City of Ramsey and <br />Cobblestone Hotel Development, LLC, dated February 5, 2020, Section 28, it is <br />the intent of the parties to create and set forth a right to impose a penalty or a right <br />of re-entry in favor of Seller in the event Buyer fails to satisfy the Conditions. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth. <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 /> <br />