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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 , 20241 by and <br /> between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Garage <br /> RE LLC or Assigns, a Minnesota Limited Liability Company ("Buyer"). <br /> Recitals <br /> A. On , 2024, Seller conveyed title of the following Property <br /> to Buyer: <br /> Lot 2, Block 1, COR FOUR, Anoka County, Minnesota(the "Property") <br /> B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions <br /> as set forth below. <br /> C. As indicated in the Purchase Agreement between the City of Ramsey and Garage <br /> RE LLC or Assigns, with an Effective Date of , 2024, <br /> Section 28, it is the intent of the parties to create and set forth a right to impose a <br /> penalty or a right of re-entry in favor of Seller in the event Buyer fails to satisfy <br /> 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 <br /> the Property pursuant to Paragraph 3, or to re-enter and take possession of the <br /> Property pursuant to Paragraph 4, in the event that any of the following Conditions <br /> are not satisfied by Buyer: <br />