Laserfiche WebLink
PURCHASE AGREEMENT <br />SECOND AMENDMENT <br />This is the Second Amendment is to the Purchase Agreement by and between <br />Stories Foundation, a Minnesota Nonprofit Corporation ("Buyer"), and the City of <br />Ramsey, a Minnesota municipal corporation ("Seller"), with an effective date of <br />December 14, 2021. <br />Recitals <br />1. Pursuant to the terms of the Purchase Agreement First Amendment, the Closing <br />Date is to be no later than December 31, 2021. <br />2. Buyer seeks to extend the required Certificate of Occupancy Date from 1 year after <br />the Closing to 2 years after the Closing. <br />3. The Buyer seeks to enter into a Right of Re -Entry Agreement that requires a <br />Certificate of Occupancy to be issued 2 years after the Closing. <br />4. The Buyer acknowledges that if a Certificate of Occupancy is not issued 2 years <br />after Closing that the City can exercise it rights in the Right of Re -Entry <br />Agreement to impose a penalty of $50,000 against the Property or re-enter and take <br />physical possession of the Property <br />5. Buyer completed its inspection during the Inspection Period, which is expired, and <br />Buyer also completed its examination of title and has formally given a Notice to <br />Proceed to Seller. <br />6. Buyer has cited difficulties in obtaining financing as reason to ask for additional <br />time to complete project. <br />7. The legal description of the subject property in the Purchase Agreement is <br />Outlot B, COR STONE BROOK ACADEMY subject to easements as <br />shown on Plat), Anoka County, Minnesota. (the "Property") and is being to <br />be platted as Lot 1, Block 1, STORYTELLER CAFE ADDITION. <br />Agreement <br />In consideration for the mutual promises set forth below, the parties agree as <br />follows: <br />1. The above recitals are incorporated into the Agreement. <br />2. The required Certificate of Occupancy date is hereby extended from 1 year <br />after Closing to 2 years after Closing <br />3. The Buyer and Seller will enter into a Right of Re -Entry Agreement at the Closing <br />that requires a Certificate of Occupancy to be issued 2 years after the Closing. <br />4. The Buyer acknowledges that if a Certificate of Occupancy is not issued 2 years <br />