Laserfiche WebLink
"Development Property" means the real property described in Schedule A of this Agreement <br />on which Developer will construct the Minimum Improvements. <br /> <br />"Event of Default" means an action by the Developer listed in Article IX of this Agreement. <br /> <br />"Holder" means the owner of a Mortgage. <br /> <br /> "Job Performance Agreement" means the agreement in the form of Schedule C attached <br />hereto to be entered into between the Authority and the Developer pursuant to Section 4.1 (b) of this <br />Agreement. <br /> <br /> "Maturity Date" means the date on which the Authority's payment obligations under the Note <br />terminate. <br /> <br /> "Minimum Improvements" means the construction by Developer of an office, warehouse, <br />trucking facility of at least 45,000 square feet in size, in accordance with the Construction Plans. <br /> <br /> "Mortgage" means any mortgage obtained by the Developer which is secured, in whole or in <br />part, by the Development Property and which is a permitted encumbrance pursuant to the provisions <br />of Article VIII of this Agreement. <br /> <br /> "Net Proceeds" means any proceeds paid by an insurer to the Developer under a policy or <br />policies of insurance required to be provided and maintained by the Developer pursuant to Article V <br />of this Agreement and remaining after deducting all expenses (including fees and disbursements of <br />counsel) incurred in the collection of such proceeds. <br /> <br /> "Note" means the Authority's limited revenue tax increment note to be issued by the <br />Authority to the Developer pursuant to Article III of this Agreement to reimburse the Developer for <br />its payment of Public Development Costs. <br /> <br /> "Project" means the activities of the Authority and the Developer within the Project Area <br />within Development District No. 1. <br /> <br /> "Project Area" means the real property located within the boundaries of Development District <br />No. 1. <br /> <br /> "Public Development Costs" means the costs to be paid by the Authority, through the <br />issuance of the Note, pursuant to Article III of this Agreement. <br /> <br />"State" means the State of Minnesota. <br /> <br /> "Tax Increment" means that portion of the real property taxes paid with respect to the <br />Development Property and Minimum Improvements which is remitted to the Authority as tax <br />increment pursuant to the Tax Increment Act. <br /> <br />Bec'kP548664.1 3 <br /> <br /> <br />