Agenda - Council - 09/26/2023 - Laserfiche WebLink

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[Reserved for Recording Data] RIGHT OF RE-ENTRY AGREEMENT This Right of Re-entry Agreement (this "Agreement") is entered into on 2023) by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), Aldi Inc. (Minnesota), a Minnesota Corporation ("Buyer"). A. On Buyer (the "Property"): RPr_itnk and , 2023, Seller conveyed title of the following real property to Lot 1, Block 1, COR FOUR, Anoka County, Minnesota B. Title to the Property was conveyed subject to Buyer fulfilling the Condition as set forth below. C. Pursuant to Section 6.02 of that certain Real Estate Purchase Agreement between Seller and Buyer, with an Effective Date of March 3, 2023 (the "Purchase Agreement"), it is the intent of the parties to create and set forth a right to impose a penalty or a right of re-entry in favor of Seller in the event Buyer fails to satisfy the Condition set forth below. Agreement 1. The recitals are incorporated herein as if fully set forth. 2. Seller shall have the right, but not the obligation, as Seller's sole and exclusive remedy, to re-enter and take fee title to the Property pursuant to Paragraph 3 below, in the event that Buyer fails, subject to Force Majeure (defined below), casualty, condemnation, or other circumstance out of the reasonable control of Buyer, to obtain a certificate of occupancy from Seller (the "Condition"), for an ALDI branded select assortment retail grocery store at the Property on or prior to Insert date 24 months after Closing date (the "Condition Satisfaction Deadline"), and such failure continues for a period of 30 days S: