Agenda - Council - 05/23/2023 - Laserfiche WebLink

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C. As indicated in the Purchase Agreement and between the City of Ramsey and Nolby BC 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. Notwithstanding any other provision in this Agreement, documents or instruments to be delivered under this Agreement, or any other agreement between the parties to the contrary, in the event Buyer fails to obtain a certificate of occupancy from the City of Ramsey as provided for above by Insert Date 16 months from Closing date because of any delay caused in whole or in part by circumstances beyond Buyer's reasonable control, including but not limited to, force majeure; fires or accidents; strikes or other differences with workers; war (whether declared or undeclared), riots or embargoes; delays or failure of performance by Buyer's contractors; delays in shipment or receipt of materials from suppliers; or any legislative, administrative or executive law by the federal or any state or local government or any subdivision, department, agency, officer or official thereof; any act or neglect of the Seller; adverse weather conditions, or other causes beyond the Buyer's control; or by delay authorized by or caused in whole or part by the Seller, then Buyer's time to obtain the certificate of occupancy shall be extended for such reasonable time not to exceed the number of days performance was delayed. Project Description: i. Nolby BC LLC Site Plan, approved by the City of Ramsey on by Resolution # ii. Development Agreement for Nolby BC 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 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 INSERT APPROVED SF