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DocuSign Envelope ID: 1 D7DF6CE-1 FE8-46C2-846A-D23B59B6B176 <br /> 29. TIME PERIODS. The time for performance of any obligation or taking any action <br /> under this Agreement shall be deemed to expire at 5:00 p.m. Central Time on the last day <br /> of the applicable time period provided for in this Agreement. If the time for the <br /> performance of any obligation or taking any action under this Agreement expires on a <br /> Saturday, Sunday or legal holiday, the time for performance or taking such action shall be <br /> extended to the next succeeding day which is not a Saturday, Sunday or legal holiday. <br /> 30. PLATTING& DEVELOPMENT AGREEMENT. Buyer must be in the process of <br /> obtaining an approved final plat, development agreement, and building exterior visual <br /> renderings with the City of Ramsey for its intended project before Closing. The <br /> Development Agreement and Site Plan must comply with all local zoning ordinances and <br /> design standards, including The COR Design Standards. City of Ramsey will reimburse <br /> Buyer up to $3500 for re-platting expense. The reimbursement will only take place upon <br /> a successful closing and City of Ramsey is not responsible for any cost reimbursement if <br /> Buyer does not close on subject property. Buyer to provide written documentation of <br /> platting costs for reimbursement. <br /> 31. CONTINGENCIES. In addition to all other requirements and contingencies by the <br /> Buyer and Seller herein, Buyer's obligation to acquire the Property and the Purchase <br /> Price of$1.00 is contingent on the following: <br /> a. Satisfactory review of the underwriting by the Seller demonstrating the need of <br /> financial assistance in the form of a land write down of$311,454. <br /> b. City Council approval and execution of a Tax Increment Financing Agreement <br /> between the Seller and Buyer and or its assigns. <br /> c. City Council approval of Business Subsidy for Buyer and or its assigns. <br /> d. Hotel feasibility study supporting a viable market in the City of Ramsey, <br /> Developer obtaining surveys, environmental and geotechnical reports, wetland <br /> studies and such other items Developer determines to be necessary to build and <br /> operate the proposed hotel. <br /> e. Seller's approval of a replat of the Property. <br /> f. Buyer and Seller entering into a Development Agreement on such terms as are <br /> satisfactory to Buyer; <br /> g. Any shared access easement(s)between the Property and any adjacent property <br /> required by Seller is in existence or has been obtained. <br /> 2636471.v4 Page 10 of 12 <br />