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the above deadline is not met, Seller has the right to reclaim title to the parcel(s) for <br />which a certificate of occupancy was not obtained.. <br />D. The Buyer and Seller entered in to a Right of Re -Entry Agreement dated August <br />22, 2023 and recorded at the Anoka County Registrar of Titles on September 15, <br />2023 as document number 612539.008. <br />E. The Buyer has requested that the required certificate of occupancy date of the <br />Right of Re-entry Agreement be changed from January 22, 2025 to June 30, 2025. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth and amend and super cede <br />the Right of Re -Entry Agreement filed on August 22, 2023 as document number <br />612539.008. <br />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: <br />a. Buyer must obtain a certificate of occupancy from the City of Ramsey, for <br />the project described below by June 30, 2025. <br />Project Description: <br />i. Ramsey Properties, LLC Site Plan, approved by the City <br />of Ramsey on May 9, 2023 by Resolution #23-059. <br />ii. Development Agreement for Ramsey Properties, LLC, <br />approved by the City of Ramsey on July 11, 2023 by <br />Resolution #23-117. <br />Provided, however that if completion of the performance shall be delayed at <br />any time by reason of acts of God, war, civil commotion, riots, strikes, <br />picketing or other labor disputes unavailability of labor or materials, <br />damage to work in progress by reason of fire or other casualty, or any cause <br />beyond such Party's reasonable control, then the time for performance as <br />herein specified shall be appropriately extended by the amount of the delay <br />actually so caused. <br />3. Seller may impose a penalty of $50,000.00 against the Property if the certificate of <br />occupancy is not obtained, for the construction of a minimum 65,000 square foot <br />98-unit hotel, pursuant to the deadline set forth above. The penalty is due upon <br />