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A total of sixteen (16) certificates of occupancy within twenty-eight(28) months <br /> after Closing; <br /> A total of twenty-four(24) certificates of occupancy within forty(40)months after <br /> Closing; <br /> A total of thirty-two (32) certificates of occupancy within fifty-two (52) months of <br /> Closing; <br /> A total of forty(40) certificates of occupancy within sixty-four (64) months of <br /> Closing. <br /> Once a certificate of occupancy is issued for a lot comprising part of the Property, the Right <br /> of Re-Entry shall automatically be released by the Seller as to such lot. Each total certificate <br /> requirement outlined above shall include all certificates of occupancy received during the <br /> current deadline period and all prior deadline periods. For instance, if sixteen(16) <br /> certificates of occupancy are received within sixteen(16) months after Closing, Buyer shall <br /> have no requirement to obtain any additional certificates of occupancy within twenty-eight <br /> (28) months after Closing. <br /> 3. Seller may impose a separate penalty of$20,000.00 against the Property if the certificate of <br /> occupancy is not obtained, for each of the 40 single family homes, pursuant to the deadline <br /> set forth above. The penalty is due upon written notice to Buyer from Seller of the failure to <br /> satisfy a contingency. In the event the penalty is not paid within 30 days of receipt of the <br /> notice, Seller may, but is not required to, certify the penalty to Anoka County as an <br /> assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, <br /> chapter 429, and any other applicable law, including any right to notice of hearing and <br /> hearing, the right to object, and the right to appeal the assessment. Buyer further waives any <br /> requirements of the City Charter that may apply to said assessment. <br /> 4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may <br /> re-enter and take physical possession of the Property. Title to the Property shall be restored <br /> in Seller, and Buyer shall execute whatever documents and undertake whatever steps are <br /> necessary to establish and confirm Seller's fee simple interest in the Property free of any <br /> claims or encumbrances, including mechanic's liens. <br /> The Seller agrees to waive the right to re-enter and take physical possession of the Property <br /> upon satisfactory completion and inspection by the Seller of the Stage I Improvements as <br /> follows: <br /> a. Trunk and lateral sanitary sewer. <br /> b. Trunk and lateral water main. <br /> C. Storm drainage facilities (when specified). <br /> d. Stormwater maintenance through 90 percent buildout. <br /> C. Streets (excluding the final bituminous lift) <br /> f. Concrete curb and gutter(urban). <br /> 9- Street traffic control signals. <br /> h. Lot grading. <br /> i. Trail development. <br /> j. Sidewalks. <br /> Page 5 of 8 <br />