Laserfiche WebLink
F. The Buyer has requested that the required certificate of occupancy date of the <br />Right of Re-entry Agreement be changed from December 31, 2023 to December <br />31, 2024. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth and amend and super cede <br />the Right of Re -Entry Agreement filed on December 29, 2021 as document <br />number 596876.003. <br />2. Seller shall have the right, but not the obligation, to either impose a penalty against <br />the Property pursuant to Paragraph 3, or to re-enter and take possession of the <br />Property pursuant to Paragraph 4, in the event that any of the following Conditions <br />are not satisfied by Buyer: <br />a. Buyer must obtain a certificate of occupancy from the City of Ramsey, for <br />the project described below by December 31, 2024. <br />Project Description: <br />i. Stories Foundation Site Plan with contingencies, <br />approved by the City of Ramsey on <br />Resolution ; subject to revisions <br />approved by the City of Ramsey. <br />by <br />ii. Development Agreement for Stories Foundation approved <br />by the City of Ramsey on by Resolution <br /># <br />3. Seller may impose a penalty of $50,000.00 against the Property if the certificate of <br />occupancy is not obtained, for the construction of a minimum 12,000 square foot <br />retail building compliant with COR Zoning and design standards, pursuant to the <br />deadline set forth above. The penalty is due upon written notice to Buyer from <br />Seller of the failure to satisfy a contingency. In the event the penalty is not paid <br />within 30 days of receipt of the notice, Seller may, but is not required to, certify <br />the penalty to Anoka County as an assessment against the Property. Buyer waives <br />any and all rights under Minnesota Statutes, chapter 429, and any other applicable <br />law, including any right to notice of hearing and hearing, the right to object, and <br />the right to appeal the assessment. Buyer further waives any requirements of the <br />City Charter that may apply to said assessment. <br />4. As an alternative to imposition of a financial penalty and not in addition thereto, <br />Seller may re-enter and take physical possession of the Property. Title to the <br />Property shall be restored in Seller, and Buyer shall execute whatever documents <br />