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PURCHASE AGREEMENT <br />SECOND AMENDMENT <br /> <br />This is the Second Amendment is to the Purchase Agreement by and between RGH <br />RAMSEY LLC, a Minnesota Limited Liability Company (“Buyer”), and the City of <br />Ramsey, a Minnesota municipal corporation (“Seller”), with an effective date of May <br />_____, 2020. <br />Recitals <br /> <br />1. Pursuant to the terms of the original Purchase Agreement and First Amendment to <br />Purchase Agreement, the Closing Date is to be no later than June 15, 2020. <br />2. Buyer seeks to move the Closing Date to be no later than January 15, 2021. <br />3. Pursuant to the terms of the Original Purchase Agreement and First Amendment to <br />Purchase Agreement the Buyer shall obtain a certificate(s) of occupancy from the <br />City of Ramsey for the construction of Building 1 (to be further defined) by <br />November 15, 2020 and the construction of Building 2 by July 15, 2021. <br />4. Buyer seeks to move certificate(s) of occupancy dates for construction of Building <br />1 to July 15, 2021 and for the construction of Building 2 to February 15, 2022. <br />5. Buyer completed its inspection during the Inspection Period, which is expired, and <br />Buyer also completed its examination of title and has formally given a Notice to <br />Proceed to Seller. <br />6. Buyer has cited the impact of Covid-19 on the commercial/retail sector as reason <br />to ask for additional time to complete project. <br />7. Buyer is offering to provide $5,000 in Non-refundable Earnest Money on a <br />monthly basis (up to 6 months, or $30,000) to extend the construction of Building <br />2, February 15, 2022 certificate of occupancy date. <br />8. The Seller has received $40,000 in non-refundable Earnest Money from the <br />Buyer. <br />9. Seller is willing to extend the Closing Date and Certificate(s) of Occupancy <br />Dates due to the impacts of COVID-19 on the commercial/retail sector in <br />accordance with the terms set forth below. <br />10. The legal description of the subject property in the Purchase Agreement and <br />First Amendment to Purchase Agreement is Lots 1, 2 and 3, Block 1 COR <br />TWO subject to easements as shown on Plat), Anoka County, Minnesota. <br />(the “Property”) and is not being modified. <br /> <br /> <br /> <br />