Laserfiche WebLink
PURCHASE AGREEMENT <br />SECOND AMENDMENT <br /> <br />This is the Second Amendment is to the Purchase Agreement by and between RGH <br />City of Ramsey <br />RAMSEY LLC, a Minnesota Limited Liability Company (“Buyer”), and the , a <br />Minnesota municipal corporation (“Seller”), with an effective date of <br />June _____, 2020. <br />Recitals <br /> <br /> <br />1. <br />Pursuant to the terms of the original Purchase Agreement and First Amendment to Purchase <br />Agreement, the Closing Date is to be no later than June 15, 2020. <br /> <br />2. <br />Buyer seeks to move the Closing Date to be no later than January 15, 2021. <br /> <br />3. <br />Pursuant to the terms of the Original Purchase Agreement and First Amendment to Purchase <br />Agreement the Buyer shall obtain a certificate(s) of occupancy from the City of Ramsey for the <br />construction of Building 1 (to be further defined) by November 15, 2020 and the construction of <br />Building 2 by July 15, 2021. <br /> <br />4. <br /> Buyer seeks to move certificate(s) of occupancy dates for construction of Building 1 to July 15, <br />2021 and for the construction of Building 2 to February 15, 2022. <br /> <br />5. <br />Buyer completed its inspection during the Inspection Period, which is expired, and Buyer also <br />completed its examination of title and has formally given a Notice to Proceed to Seller. <br /> <br />6. <br />Buyer has cited the impact of Covid-19 on the commercial/retail sector as reason to ask for <br />additional time to complete project. <br /> <br />7. <br />Buyer is offering to provide $5,000 in Non-refundable Earnest Money on a monthly basis (up to 6 <br />months, or $30,000) to extend the construction of Building 2, February 15, 2022 certificate of <br />occupancy date. <br /> <br />8. <br />The Seller has received $40,000 in non-refundable Earnest Money from the Buyer. <br /> <br />9. <br />Seller is willing to extend the Closing Date and Certificate(s) of Occupancy Dates due to the <br />impacts of COVID-19 on the commercial/retail sector in accordance with the terms set forth <br />below. <br /> <br />10. <br />The legal description of the subject property in the Purchase Agreement and First <br />Amendment to Purchase Agreement is Lots 1, 2 and 3, Block 1 COR TWO subject to <br />easements as shown on Plat), Anoka County, Minnesota. (the “Property”) and is not being <br />modified. <br /> <br /> <br /> <br />Resolution #20-100 <br />Page 3 of 4 <br /> <br /> <br /> <br />