Agenda - Economic Development Authority - 10/13/2022

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26. CONSTRUCTION. The Parties acknowledge that this Agreement was initially prepared by Seller solely as a convenience and that all Parties and their counsel hereto have read and full negotiated all the language used in this Agreement. The Parties acknowledge that because all Parties and their counsel participated in negotiating and drafting this Agreement, no rule of construction shall apply to this Agreement to construe ambiguous or unclear language in favor of or against any Party. 27. COUNTERPARTS; DIGITAL COPIES. This Agreement may be executed in any number of counterparts and the signature pages of the separate counterparts combined into a single copy of this Agreement which will then constitute a fully executed version of this Agreement. A facsimile, .pdf file or digital copy of a signed counterpart or of an assemblage of counterparts of this Agreement shall be deemed to be an original thereof. 28. CONSTRUCTION DEADLINE.Within one year from the Closing Date for each lot, Buyer shall construct and obtain a certificate of occupancy from the City of Ramsey for a minimum SF building for each lot as defined below compliant with COR Zoning requirements to be further defined by an approved Site Plan.. At Closing, a"Right of Re- Entry Agreement" shall be executed and recorded against the Property providing that, in the event the above deadline is not met, Seller has the right to reclaim title to the parcel(s) for which a certificate of occupancy was not obtained. The deadline for obtaining the required C/O for each lot is defined below: a. Lot 1, 6,000 SF—C/O 12/31/2023 (Phase 1) b. Lot 2, 550 SF - C/O 12/31/2023 (Phase 1) c. Lot 3, 9,000 C/O 12/31/2023 (Phase 1) d. Lot 4, 3,000 C/O 12/31/2024 (Phase 2) e. Lot 5, 20,000 C/O 12/31/2023 (Phase 1) 29. TIME PERIODS. The time for performance of any obligation or taking any action under this Agreement shall be deemed to expire at 5:00 p.m. Central Time on the last day of the applicable time period provided for in this Agreement. If the time for the performance of any obligation or taking any action under this Agreement expires on a Saturday, Sunday or legal holiday, the time for performance or taking such action shall be extended to the next succeeding day which is not a Saturday, Sunday or legal holiday. 30. PLATTING& DEVELOPMENT AGREEMENT. Buyer must be in the process of obtaining an approved final plat, development agreement, and building exterior visual renderings with the City of Ramsey for its intended project before Closing. The Development Agreement and Site Plan must comply with all local zoning ordinances and design standards, including The COR Design Standards. Page 10 of 13