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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 I 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 /> 4_-� <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 /> 'r 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 I 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 />