Laserfiche WebLink
C. As indicated in the Purchase Agreement between the City of Ramsey and Centra <br />Homes LLC, dated Auiust 17, 2023, and the First Amendment to Purchase <br />Agreement dated September 18, 2023, Section 28, it is the intent of the parties to <br />create and set forth a right to impose a penalty or a right of re-entry in favor of <br />Seller in the event Buyer fails to satisfy the Conditions. <br />Agreement <br />1. The recitals are incorporated herein as if fully set forth. <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, excepting therefrom any delays caused by conditions <br />outside of the reasonable control of Buyer: <br />a. Buyer must obtain certificates of occupancy for the construction of forty (40) <br />single family townhomes pursuant to the following schedule: <br />Construction Deadline Schedule: <br />Eight (8) certificates of occupancy within sixteen (16) months after Closing; <br />A total of sixteen (16) certificates of occupancy within twenty-eight (28) months <br />after Closing; <br />A total of twenty-four (24) certificates of occupancy within forty (40) months <br />after Closing; <br />A total of thirty-two (32) certificates of occupancy within fifty-two (52) months <br />of Closing; <br />A total of forty (40) certificates of occupancy within sixty-four (64) months of <br />Closing. <br />Once a certificate of occupancy is issued for a lot comprising part of the Property, the <br />Right of Re -Entry shall automatically be released by the Seller as to such lot. Each total <br />certificate requirement outlined above shall include all certificates of occupancy received <br />during the current deadline period and all prior deadline periods. For instance, if sixteen <br />(16) certificates of occupancy are received within sixteen (16) months after Closing, <br />Buyer shall have no requirement to obtain any additional certificates of occupancy within <br />twenty-eight (28) months after Closing. <br />3. Seller may impose a separate penalty of $20,000.00 against the Property if the <br />certificate of occupancy is not obtained, for each of the 40 single family homes, <br />pursuant to the deadline set forth above. The penalty is due upon written notice to <br />Buyer from Seller of the failure to satisfy a contingency. In the event the penalty <br />is not paid within 30 days of receipt of the notice, Seller may, but is not required <br />to, certify the penalty to Anoka County as an assessment against the Property. <br />Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any <br />