Agenda - Economic Development Authority - 08/10/2023

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Provided, however that if completion of the performance shall be delayed at any time by reason of acts of God, war, civil commotion, riots, strikes, picketing or other labor disputes unavailability of labor or materials, damage to work in progress by reason of fire or other casualty, or any cause beyond such Parry's reasonable control, then the time for performance as herein specified shall be appropriately extended by the amount of the delay actually so caused. 3. Seller may impose a separate penalty of $100,000.00 against the Property if the construction of the multifamily ±200 units building is not completed twenty four (24) months from the Closing Date. The penalty is due upon written notice to Buyer from Seller of the failure to satisfy a contingency. In the event the penalty is not paid within 60 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. 4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may re- enter and take physical possession of the Property by making a payment to Buyer in the amount equal to the purchase price paid by Buyer pursuant to the Purchase Agreement. Title to the Property shall be restored in Seller, and Buyer shall execute whatever documents and undertake whatever steps are necessary to establish and confirm Seller's fee simple interest in the Property free of any claims or encumbrances, including mechanic's liens. The Seller agrees to waive the right to re-enter and take physical possession of the Property if the following conditions are met: a. Building permit application and payment are issued. b. Building foundation is set. c. City Development and Platting Fees d. Evidence of sufficient financing for substantial completion of the project (the "Stage I Improvements"). 5. Upon satisfaction of the terms set forth in Section 4 above, the right of re-entry only set forth in Section 4 herein shall be released in a recordable writing executed by the Seller's Mayor and City Administrator. 6. This document constitutes the entire Right of Re-entry Agreement between the parties. Any modifications or amendments to this Agreement must be in writing and signed by both parties.