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FIRST AMENDMENT <br /> TO <br /> PURCHASE AGREEMENT <br /> This is the First Amendment to the Purchase Agreement by and between the City of <br /> Ramsey, a Minnesota municipal corporation ("Seller"), and THE SCHIEBOUT FAMILY <br /> LIMITED PARTNERSHIP,LLLP and/or its assigns, a Minnesota Limited Partnership <br /> ("Buyer"), with an Effective Date of August 26, 2022. <br /> Recitals <br /> 1. The BUYER interest has been assigned from THE SCHIEBOUT FAMILY LIMITED <br /> PARTNERSHIP, LLLP (the"Assignor")to RAMSEY PROPERTIES, LLC (the "Assignee) <br /> 2. EFFECTIVE DATE. The Effective Date remains August 26, 2022. <br /> 3. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br /> approximately 2.85 acres (124,146 SF) of vacant land, legally described as follows and depicted <br /> on Exhibit A: <br /> Outlot A, COR TWO,to be platted as: <br /> T.B.D. Anoka County, Minnesota <br /> PID Number: Portion of 28-32-25-22-0058 (the "Property") <br /> 4. PURCHASE PRICE. The purchase price for the Property is $1.00 on +/- 2.85 acres (124,146 <br /> square feet) as outlined in Exhibit A (the "Purchase Price"). The Property Valuation is <br /> $434,511. <br /> 5. INSPECTION PERIOD. The Inspection Period is changed from March 26, 2023 to May 26, <br /> 2023. <br /> 6. CONSTRUCTION DEADLINE. Buyer shall obtain a certificate of occupancy from the City <br /> of Ramsey for the construction of minimum 98 unit- 4 story hotel with pool compliant with <br /> COR Zoning requirements to be further defined by an approved Site Plan 16 months after <br /> closing; provided, however, that if completion of performance shall be delayed at any time by <br /> reason of acts of God, war, civil commotion, riots, strikes,picketing or other labor disputes, <br /> unavailability of labor or materials, damage to work in progress by reason of fire or other <br /> casualty, or any cause beyond such Party's reasonable control, then the time for performance as <br /> herein specified shall be appropriately extended by the amount of the delay actually so caused. <br /> At Closing, a"Right of Re-Entry Agreement"must be executed and recorded to the Property <br /> providing that, in the event the above deadline is not met, Seller has the right to reclaim title to <br /> Page 1 of 3 <br />