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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, excepting therefrom any delays caused by conditions <br /> outside of the reasonable control of Buyer: <br /> a. Buyer must obtain certificates of occupancy for the construction of forty (40) <br /> single family townhomes pursuant to the following schedule: <br /> Construction Deadline Schedule: <br /> Eight(8) certificates of occupancy within sixteen (16) months after Closing; <br /> 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 <br /> after Closing; <br /> A total of thirty-two (32) certificates of occupancy within fifty-two (52) months <br /> of 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 <br /> Right of Re-Entry shall automatically be released by the Seller as to such lot. Each total <br /> certificate requirement outlined above shall include all certificates of occupancy received <br /> during the current deadline period and all prior deadline periods. For instance, if sixteen <br /> (16) certificates of occupancy are received within sixteen (16) months after Closing, <br /> Buyer shall have no requirement to obtain any additional certificates of occupancy within <br /> twenty-eight(28) months after Closing. <br /> 3. Seller may impose a separate penalty of$20,000.00 against the Property if the <br /> certificate of occupancy is not obtained, for each of the 40 single family homes, <br /> pursuant to the deadline set forth above. The penalty is due upon written notice to <br /> Buyer from Seller of the failure to satisfy a contingency. In the event the penalty <br /> is not paid within 30 days of receipt of the notice, Seller may, but is not required <br /> to, certify the penalty to Anoka County as an assessment against the Property. <br /> Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any <br /> other applicable law, including any right to notice of hearing and hearing, the right <br /> 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, <br /> Seller may re-enter and take physical possession of the Property. Title to the <br /> Property shall be restored in Seller, and Buyer shall execute whatever documents <br /> and undertake whatever steps are necessary to establish and confirm Seller's fee <br /> simple interest in the Property free of any claims or encumbrances, including <br /> mechanic's liens. <br /> Resolution#24-147 <br /> Page 6 of 9 <br />