Agenda - Economic Development Authority - 08/10/2023

Home

of this Agreement. A facsimile, .pdf file or digital copy of a signed counterpart or of an assemblage of counterparts of this Agreement shall be deemed to be an original thereof. 29. CONSTRUCTION DEADLINE. Within 24 months from the Closing Date Buyer shall have achieved completion of a ±200-unit Market Rate apartment building compliant with COR Zoning requirements to be further defined by an approved Site Plan. At Closing, a "Right of Re -Entry Agreement" shall be executed and recorded against the Property. The Seller agrees to waive the right to re-enter and take physical possession of the Property, providing that, Buyer has submitted the building permit and associated fees, City development and platting fees, the building foundation has been set and evidence of sufficient financing for substantial completion of the project. 30. TIME PERIODS. The time for performance of any obligation or taking any action under this Agreement shall be deemed to expire at 5:00 p.m. Central Time on the last day of the applicable time period provided for in this Agreement. If the time for the performance of any obligation or taking any action under this Agreement expires on a Saturday, Sunday or legal holiday, the time for performance or taking such action shall be extended to the next succeeding day which is not a Saturday, Sunday or legal holiday. 31. PLATTING & DEVELOPMENT AGREEMENT. Buyer must be in the process of obtaining an approved final plat, development agreement, and building exterior visual renderings with the City of Ramsey for its intended project before Closing. The Development Agreement and Site Plan must comply with all local zoning ordinances and design standards, including The COR Design Standards. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] -12- Error! Unknown document property name.