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[Reserved for Recording Data] <br />RIGHT OF RE-ENTRY AGREEMENT <br />This Right of Re-entry Agreement is entered into on , 2024, by and between the <br />City of Ramsey, a Minnesota municipal corporation ("Seller"), and Norhart Architecture LLC, a <br />Minnesota Limited Liability Company ("Buyer"). <br />Recitals <br />A. On , 2024, Seller conveyed title of the following Property to Buyer: <br />Part of Outlot A, COR TWO, to be platted as: <br />T.B.D. Anoka County, Minnesota <br />PID Number: Portion of 28-32-25-22-0058 ("Property") <br />B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions as set forth <br />below. <br />C. As indicated in the "Purchase Agreement" between the City of Ramsey and Norhart Architecture <br />LLC, dated , Section 29, it is the intent of the parties to create and set <br />forth a right to impose a penalty or a right of re-entry in favor of Seller in the event Buyer fails to <br />satisfy the Conditions. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth. <br />2. Seller shall have the right, but not the obligation, to either impose a penalty against the Property <br />pursuant to Paragraph 3, or to re-enter and take possession of the Property pursuant to Paragraph <br />4 excepting therefrom any delays caused by conditions outside of the reasonable control of Buyer <br />as described below: <br />a. <br />