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[Reserved for Recording Data] <br /> RIGHT OF RE-ENTRY AGREEMENT <br /> This Right of Re-entry Agreement (this "Agreement") is entered into on , <br /> 2023) by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and <br /> Midland Atlantic Development Company, LLC, an Indiana Limited Liability Company <br /> ("Buyer"). <br /> Recitals <br /> A. On , 2024, Seller conveyed title of the following real property to <br /> Buyer (the "Property"): <br /> Lot 2, Block 1, COR FOUR, Anoka County, Minnesota <br /> B. Title to the Property was conveyed subject to Buyer fulfilling the Condition as set forth <br /> below. <br /> C. Pursuant to Section 6.02 of that certain Real Estate Purchase Agreement between Seller <br /> and Buyer, with an Effective Date of (the "Purchase Agreement"), it is <br /> the intent of the parties to create and set forth a right to impose a penalty or a right of re- <br /> entry in favor of Seller in the event Buyer fails to satisfy the Condition set forth below. <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, as Seller's sole and exclusive remedy, <br /> to re-enter and take fee title to the Property pursuant to Paragraph 3 below, in the event <br /> that Buyer fails, subject to Force Majeure (defined below), casualty, condemnation, or <br /> other circumstance out of the reasonable control of Buyer, to obtain a ^� +f, �-Qf <br /> permits and approvals from Seller (the "Condition"), for a minimum 1,674 SF <br /> Valvoline Oil Change Building compliant with COR zoning and development standards at <br /> the Property on or prior to Insert Date 24 months after Closing (the "Condition <br /> Satisfaction Deadline"), and such failure continues for a period of 30 days after Buyer's <br /> 1 <br />