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DocuSign Envelope ID: 48295093-46B3-4406-B202-E056A4EDF570 <br />SECOND AMENDMENT <br />TO <br />PURCHASE AGREEMENT <br />This is the Second Amendment to the Purchase Agreement by and between the City of <br />Ramsey, a Minnesota municipal corporation ("Seller"), and RAMSEY HOTEL GROUP, <br />LLC, a Minnesota limited liability company ("Buyer"), assignee of Cobblestone Hotel <br />Development, LLC, dated July 30, 2020 <br />Recitals <br />1. INSPECTION PERIOD. The Buyer desires to extend the Inspection Period per Paragraph <br />9.a of the original Purchase Agreement, originally set to expire on August 3, 2020. It is <br />hereby noted that the Buyer desires a longer extension and this Second Amendment provides <br />the time needed to review said request. <br />2. EFFECTIVE DATE. The Effective Date remains February 5, 2020. <br />3. 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 />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 />Agreement <br />1. EXTENSION. The Inspection Period granted pursuant to Section 9.a of the Agreement is <br />hereby extended to August 30, 2020. <br />2. AMENDMENT APPROVAL. Buyer and Seller hereby approve this Second Amendment <br />to Purchase Agreement as modified by the above Recitals which are hereby incorporated <br />herein. <br />3. REMAINING TERMS. All other provisions of the Purchase Agreement, as amended, <br />remain unchanged except to the extent inconsistent with the terms of this Second <br />Amendment to Purchase Agreement. The terms used in this Second Amendment to Purchase <br />Agreement have the same meaning as in the Purchase Agreement. <br />Page 1 of 3 <br />