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<br />. <br /> <br />FIRST AMENDMENT TO <br />CONTRACT FOR PRIVATE DEVELOPMENT <br /> <br />This First Amendment to Contract ("First Amendment") is made as of the <br />day of , 2006 by and between the City of New Brighton, Minnesota (the <br />"City") and Ryan Builders, Inc., a Minnesota corporation (the "Redeveloper"). <br /> <br />WHEREAS, the City and the Redeveloper entered into a Contract for Private <br />\ <br />Redevelopment dated as of February 28, 2006 (the "Contract"), which contemplates the <br />construction by the Redeveloper of an approximately 55,000-square-foot multi-tenant <br />flex/tech/warehouse building with surface parking on the Redevelopment Property; <br /> <br />WHEREAS, delays in the City's acquisition of a portion of the Redevelopment <br />Property have necessitated amendment of certain deadlines provided for in the Contract; <br />and <br /> <br />WHEREAS, the City and the Redeveloper hereby reaffirm the terms of the <br />Contract but also desire to amend the Contract to further the purposes set forth therein. <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual <br />obligations of the parties, the parties hereby agree as follows: <br /> <br />. <br /> <br />1. <br /> <br />Section 3.1 of the Contract is hereby amended to read as follows: <br /> <br />Section 3.1. Acquisition of Redevelopment Property by the City; <br />City Work. Subject to Unavoidable Delays, the City intends to acquire the <br />Redevelopment Property and complete the City Work by April!, 2007. <br /> <br />2. Paragraph (b) of Section 3.1 of the Contract is hereby amended to read as follows: <br /> <br />(b) Time of Convevance. The Closing shall occur as soon as <br />practicable following completion of the City Work, but no later than <br />April 30, 2007, or upon such later date as the City and the Redeveloper <br />may mutually agree in writing. The City undertakes to complete the City <br />Work as soon as practicable. The Redeveloper shall take possession'of <br />the Redevelopment Property on the Date of Closing. <br /> <br />3. The terms and conditions of this First Amendment supercede any conflicting <br />provisions contained in the Contract. Provisions of the Contract not amended or <br />otherwise in conflict with the terms and conditions of this First Amendment shall <br />remain in full force and effect. <br /> <br />4. <br /> <br />Capitalized terms not defined in this First Amendment shall have the meanings <br />given to them in the Contract. This First Amendment shall be governed by the <br />laws of the State of Minnesota. This First Amendment may only be modified by a <br /> <br />. <br />