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EL185\75\938781.v2 <br />FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT <br /> <br /> This First Amendment to Purchase and Sale Agreement (this “First Amendment”) is made <br />this ____ day of ____________, 2024 by and between the Elk River Housing and Redevelopment <br />Authority, a Minnesota body corporate and politic (the “HRA”) and Ronald J. Touchette, a married <br />person (the “Buyer”). <br /> <br />WHEREAS, the HRA and the Buyer entered into that certain Purchase and Sale Agreement <br />dated June 21st, 2023 (the “Agreement”) providing for the conveyance by the HRA to the Buyer of <br />certain property located in the City of Elk River, Sherburne County, Minnesota and legally described <br />on the attached Exhibit A (the “Property”); and <br /> <br />WHEREAS, due to unanticipated delays, the parties have determined to further extend the <br />Closing Date set forth in the Agreement to June 28, 2024 or such other date on which the Seller and <br />Purchaser may agree; and <br /> <br /> NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> <br /> 1. Amendment to Paragraph 5 of the Agreement. The first paragraph of Paragraph 5 of <br />the Agreement is amended to read as follows: <br /> <br />5. CONTINGENCIES WHICH MUST BE EXERCISED BY WRITTEN <br />NOTICE TO THE HRA ON OR BEFORE MAY 31, 2024 (THE <br />“CONTINGENCY DATE”): <br /> <br />2. Amendment to Paragraph 5.1.1 of the Agreement. Paragraph 5.1.1 of the Agreement <br />is amended to read as follows: <br /> <br />5.1.1. Testing. The Buyer shall have determined that the Buyer is satisfied with the <br />results of, and matters disclosed by, any environmental site assessments <br />(including a Phase I and Phase II, if necessary), soil tests, surveys, engineering <br />inspections, site work estimates, building estimates, hazardous substances, <br />and environmental reviews of the Property, all such tests, assessments, <br />inspections, estimates, and reviews to be obtained at the Buyer’s sole cost and <br />expense. <br /> <br />3. Amendment to Paragraph 5.2 of the Agreement. The last paragraph of Paragraph 5.2 <br />regarding extension of the contingency date is hereby deleted in its entirety. <br /> <br />4. Amendment to Paragraph 6 of the Agreement. The first paragraph of Paragraph 6 of <br />the Agreement is amended to read as follows: <br /> <br />6. CLOSING. The closing of the purchase and sale contemplated by this <br />Agreement (the “Closing”) shall occur on June 28, 2024 or on such other date <br />on which the parties may agree (the “Closing Date”). The HRA agrees to <br />deliver possession of the Property to the Buyer on the Closing Date. <br />