Laserfiche WebLink
Right of Re-entry <br />Closing <br />Within 24 months from the Closing Date Buyer shall have achieved <br />completion of a ±200-unit Market Rate apartment building compliant with <br />COR Zoning requirements to be further defined by an approved Site Plan. <br />At Closing, a "Right of Re -Entry Agreement" shall be executed and recorded <br />against the Property. The Seller agrees to waive the right to re-enter and <br />take physical possession of the Property, providing that, Buyer has <br />submitted the building permit and associated fees City development and <br />platting fees, the building foundation has been set and evidence of <br />sufficient financing for substantial completion of the project. and tho <br />building foundatian hac bccn sct. <br />Closing shall take place 30 days after Buyer delivers Notice to Proceed to <br />Seller. Two (2) additional one hundred fifty (150) day extensions will be <br />granted with each extension requiring a $15,000 earnest money deposit <br />that is nonrefundable but applicable to the purchase price. <br />Purchase Agreement This proposal is subject to the execution of a Purchase Agreement within <br />thirty (30) days of mutual acceptance of the Letter of Intent. <br />If the above terms are acceptable, we request that the seller execute this Letter of Intent where <br />indicated below and return to marybeth.wise@norhart.com. <br />Sincerely, <br />Marybeth Wise <br />Norhart, LLC <br />1081 4th Steet SW #400 <br />Forest Lake, MN 55025 <br />AGREED TO AND ACCEPTED: <br />BUYER SELLER <br />Norhart or assigns <br />By: By: <br />Its: It's: <br />Norhart HQ <br />1081 4th St SW #400 <br />Forest Lake, MN <br />55025 <br />