Common use of Conveyance Subject to Right of Re-entry Clause in Contracts

Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the EDA Property to the Developer pursuant to this Agreement will be made subject to a right of re- entry for breach of a condition subsequent in favor of the EDA. The condition subsequent is that, barring any Unavoidable Delays, the Developer shall have completed, not later than 12 months after the Closing Date, demolition of the existing buildings and construction of foundations of the Project on the Development Property in accordance with permits issued by the City. If Developer breaches such condition subsequent, the Developer shall re-convey the EDA Property back to the EDA. If the Developer fails to re-convey the EDA Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the EDA Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the value of any improvements the Developer has made to the EDA Property. The Developer must record the Certificate of Completion in the proper County land records at its expense.

Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the EDA Redevelopment Property to the Developer pursuant to this Agreement the Definitive Contract will be subject to approval after a public hearing, will be on an “AS-IS” basis, and will be made subject to in the form of a quit claim deed (the “Deed”). The Deed will include a right of re- re-entry for breach of a condition subsequent in favor of the EDAEDA (the “Right of Re-entry”) for the Development. The condition condition(s) subsequent is that, barring any Unavoidable Delays, will be determined by the Developer shall have completed, not later than 12 months after the Closing Date, demolition of the existing buildings and construction of foundations of the Project on the Development Property EDA in accordance with permits issued by Minnesota Statutes Section 469.105 and set forth in the CityDeed conveying the Redevelopment Property to the Developer in the form attached to the Definitive Contract. If the Developer breaches such condition condition(s) subsequent, the Developer shall re-convey the EDA Redevelopment Property back to the EDA. If the Developer fails to re-convey the EDA Redevelopment Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ Anoka County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the EDA Redevelopment Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the Redevelopment Property or the value of any improvements the Developer has made to the EDA Redevelopment Property. The Developer must record any certificate of completion or certificate of release of the Certificate Right of Completion Re-entry in the proper County land records at its expense.

Conveyance Subject to Right of Re-entry. The EDA’s conveyance of the EDA Development Property to the Developer pursuant to this Agreement will be made subject to a right of re- re-entry for breach of a condition subsequent in favor of the EDA. The condition subsequent is that, barring any Unavoidable Delays, the Developer shall have completed, not later than 12 months after the Closing Date, completed interior demolition of the existing buildings and construction of foundations of the Project building on the Development Property in accordance with permits issued by the CityCity not later than , 2017. If Developer breaches such condition subsequent, the Developer shall re-convey the EDA Development Property back to the EDA. If the Developer fails to re-convey the EDA Development Property to the EDA, the EDA may elect to exercise its right of reentry by commencing an action in ▇▇▇▇▇▇ County District Court to establish the breach of the condition subsequent. If the EDA establishes a breach of the condition subsequent, title to and the right to possession of the EDA Development Property and title to all improvements located thereon reverts to the EDA, and the Developer is not entitled to any compensation from the EDA for the value of any improvements the Developer has made to the EDA Development Property. The Developer must record the Certificate of Completion in the proper County land records at its expense.