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[Reserved for Recording Data] <br /> AMENDED AND RESTATED RIGHT OF RE-ENTRY AGREEMENT <br /> This Amended and Restated Right of Re-entry Agreement is entered into on <br /> , 20251 by and between the City of Ramsey, a Minnesota municipal <br /> corporation ("Seller"), and Ramsey Properties, LLC, a Minnesota Limited Liability <br /> Company ("Buyer"). <br /> Recitals <br /> A. On August 22, 2023, Seller conveyed title of the following Property to Buyer: <br /> Lot 1, Block 1, Ramsey Properties Addition, Anoka County, Minnesota <br /> B. Title to the Property was conveyed subject to Buyer fulfilling certain Conditions <br /> as set forth below. <br /> C. As indicated in the Second Amendment to Purchase Agreement between the City <br /> of Ramsey and Ramsey Properties, LLC, a Minnesota Limited Liability <br /> Company, with an Effective Date of August 26, 2022, Paragraph 5., <br /> CONSTRUCTION DEADLINE. Buyer shall obtain a certificate of occupancy from the <br /> City of Ramsey for the construction of minimum 98 unit - 4 story hotel with pool <br /> compliant with COR Zoning requirements to be further defined by an approved Site Plan <br /> 16 months after closing; provided, however, that if completion of performance shall be <br /> delayed at any time by reason of acts of God, war, civil commotion, riots, strikes, <br /> picketing or other labor disputes, unavailability of labor or materials, damage to work in <br /> progress by reason of fire or other casualty, or any cause beyond such Party's reasonable <br /> control, then the time for performance as herein specified shall be appropriately extended <br /> by the amount of the delay actually so caused. At Closing, a"Right of Re-Entry <br /> Agreement"must be executed and recorded to the Property providing that, in the event <br />