Agenda - Council - 07/11/2023 - Laserfiche WebLink

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reasons that are outside the control of the owner of the Restricted Property. In the event that more than 2 units are being used as Airbnb units, the owner of the Ramsey Property may, if aggrieved, provide notice in writing of such event to the owner of the Restricted Property. Upon notice to the owner of the Restricted Property, such owner shall take steps reasonable under the circumstances to discontinue such excess Airbnb use. Reasonableness considerations may include economic factors including cost, time, resources, legal and related advice, likelihood of success and other factors in commercial decisions that are considered in business decisions to terminate a lease and evict tenants. It is agreed, acknowledged and accepted that in some cases the owner of the Restricted Property will elect not to renew the lease in question before economic resources to terminate and evict a tenant. 3. Term. This Agreement shall terminate on the earlier of: (1) 5 years after the date that Ramsey Properties' Land receives a Certificate of Occupancy (whether full, partial or conditional); or (2) November 30, 2029. 4. Amendment; Further Assurances. This Agreement may not be modified or amended, except by written instrument signed by both the City and Ramsey Properties, their respective successors and/or assigns. Either the City or Ramsey Properties, their respective successors and/or assigns, may request such additional documentation from the other that may be reasonably required to confirm the Restrictions or the Term. 5. Recording. This Agreement shall be recorded with the County Recorder for Anoka County, Minnesota. 6. Restrictions to Run with the Land. The Restrictions shall run with the title to and burden the Restricted Property and shall benefit the Ramsey Properties' Land. [Remainder of page intentionally left blank; signature pages follow] 2