Agenda - Economic Development Authority - 02/08/2024

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a. Buyer must obtain a certificate of occupancy from the City of Ramsey, for the project described below by (INSERT DATE 12 Months After CLOSING). Project Description: i. Garage RE LLC or Assigns Site Plan, approved by the City of Ramsey on by Resolution ii. Development Agreement for Garage RE LLC or Assigns, approved by the City of Ramsey on by Resolution# 3. Seller may impose a penalty of$50,000.00 against the Property if the certificate of occupancy is not obtained, for the construction of a minimum 1,800 square foot oil change building and 20 space parking lot on adjacent lot south of the Property, pursuant to the deadline set forth above. 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 30 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. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment. Buyer further waives any requirements of the City Charter that may apply to said assessment. 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. 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. 5. 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.