Agenda - Economic Development Authority - 05/11/2023

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C. As indicated in the Purchase Agreement and between the City of Ramsey and CBN Enterprises, LLC, with an Effective Date of (Insert Date of PA), Section 28, it is the intent of the parties to create and set forth a right to impose a penalty or a right of re-entry in favor of Seller in the event Buyer fails to satisfy the Conditions. Agreement 1. The recitals are incorporated herein as if fully set forth. 2. Seller shall have the right, but not the obligation, to either impose a penalty against the Property pursuant to Paragraph 3, or to re-enter and take possession of the Property pursuant to Paragraph 4, in the event that any of the following Conditions are not satisfied by Buyer: a. Buyer must obtain a certificate of occupancy from the City of Ramsey, for the project described below by Insert Date 16 months from Closing date. Project Description: i. CBN Enterprises, LLC Site Plan, approved by the City of Ramsey on by Resolution # ii. Development Agreement for CBN Enterprises, LLC, approved by the City of Ramsey on by Resolution 3. Seller may impose a penalty of $50,000.00 against the Property if the certificate of occupancy is not obtained, for the construction of a minimum INSERT APPROVED SF from Site Plan square foot retail building, pursuant to the deadline set forth above. The penalty is due upon written notice to Buyer from Seller of the failure to satisfy a contingency. In the event the penalty is not paid within 30 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment. Buyer further waives any requirements of the City Charter that may apply to said assessment. 4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may re-enter and take physical possession of the Property. Title to the Property shall be restored in Seller, and Buyer shall execute whatever documents and undertake whatever steps are necessary to establish and confirm Seller's fee simple interest in the Property free of any claims or encumbrances, including mechanic's liens. 5. This document constitutes the entire Right of Re-entry Agreement between the parties. Any modifications or amendments to this Agreement must be in writing and signed by both parties.