Agenda - Council - 01/14/2025 - Laserfiche WebLink

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Property pursuant to Paragraph 4, in the event that any of the following Conditions- are not satisfied by Buyer: a. Buyer must obtain a certificate of occupancy from the City of Ramsey, for the project described below by January 22, 2025. Project Description: i. Ramsey Properties, LLC Site Plan, approved by the City of Ramsey on May 9,,2023 by Resolution#23-059. ii. Development Agreement for-Ramsey Properties, LLC, f approved by the City of Ramsey on July .11, 2023 by Resolution#23-117. Provided, however that if completion of the performance shall be delayed at any time by reason�of acts of God, war, civil commotion, riots, strikes, picketing or other labor disputes unavailability of labor or materials, damage to work in progress by reason of fire or other casualty, or any cause beyond such Party's reasonable control, then the time for performance as herein specified shall be appropriately extended by the amount of the delay actually so caused. 3. Seller may impose a penalty of$50,000.00 against the Property if the certificate of occupancy is not obtained, for the construction-of a minimum 65,000 square foot 98-unit hotel, pursuant to-the deadline set forth above. The penalty is due upon written notice to Buyer from Seller of the failure to satisfy a contingency. In the event the penalty is not paid within 30 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment.-'Buyer _ further waives any requirements of the City Charter that may apply to said assessment. 4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may re-enter and take physical possession of the Property. Title to the Property shall be restored in Sellers and Buyer shall execute whatever documents and undertake whatever steps are necessary to establish and confirm Seller's fee simple interest in the Property- =free of an claims or encumbrances including p y � g � mechanic's liens. }