Laserfiche WebLink
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 />