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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 January 22, 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 />written notice to Buyer from Seller of the failure to satisfy a contingency. In the <br />event the penalty is not paid within 30 days of receipt of the notice, Seller may, <br />but is not required to, certify the penalty to Anoka County as an assessment <br />against the Property. Buyer waives any and all rights under Minnesota Statutes, <br />chapter 429, and any other applicable law, including any right to notice of hearing <br />and hearing, the right to object, and the right to appeal the assessment. Buyer <br />further waives any requirements of the City Charter that may apply to said <br />assessment. <br />4. As an alternative to imposition of a financial penalty arid not in addition thereto, <br />Seller may re-enter and take physical possession of the Property. Title to the <br />Property shall be restored in Seller, and Buyer shall execute whatever documents <br />and undertake whatever steps are necessary to establish and confirm Seller's fee <br />simple interest in the Property free of any claims or encumbrances, including <br />mechanic's liens. <br />