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SECOND AMENDMENT <br />TO <br />PURCHASE AGREEMENT <br />This is the Second Amendment to the Purchase Agreement by and between the City of <br />Ramsey, a Minnesota municipal corporation ("Seller"), and Ramsey Properties, LLC and/or its <br />assigns, a Minnesota Limited Liability Company ("Buyer"), with an Effective Date of August 26, <br />2022. <br />Recitals <br />1. EFFECTIVE DATE. The Effective Date remains August 26, 2022. <br />2. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller <br />approximately 2.813 acres (122,543 SF) of vacant land, legally described as follows and <br />depicted on Exhibit A: <br />Part of Outlot A, COR TWO, to be platted as: <br />Lot 1, Block 1, Ramsey Properties Addition, Anoka County, Minnesota <br />PM Number: Portion of 28-32-25-22-0058 (the "Property") <br />3. PURCHASE PRICE. The purchase price for the Property is $1.00 on +/- 2.813 acres (122,543 <br />square feet) as outlined in Exhibit A (the "Purchase Price"). The Property Valuation is <br />$434,511. <br />4. INSPECTION PERIOD. The Inspection Period is changed from May 26, 2023 to June 26, <br />2023. <br />5. 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 />the parcel(s) for which a certificate of occupancy was not obtained. <br />Page 1 of 3 <br />