5.1. HRSR 12-06-2004 - Laserfiche WebLink

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"Business Day" means any day except a Saturday, Sunday or a legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close. "Cash Flow Determination Date" means the first day of the first month that is sixty (60) days after both the Bluff Block Development and the Jackson Block Development are 80% leased and/or sold or such earlier date as the City may require. "Cash Flow Statement" means the cash flow statement provided by the Developer pursuant to Section 5.3 and to be attached as Exhibit 0 hereto in substantially the form and content as set forth in Exhibit N hereto, prepared by the Developer setting forth (with respect to units for which leases have been signed) or forecasting (with respect to units for which leases have not yet been signed; provided the Developer may assume up to 7% vacancy) the income, expenses and debt with respect to the Jackson Block Commercial Project and the Jackson Block Housing Project for the first fiscal year commencing on or after the Cash Flow Determination Date. "Certificate of Completion" means the certificate in substantially the form attached hereto as Exhibit D signed by the City Representative certifying completion of the Development. "City"means the City of Elk River, Minnesota, its successors and assigns. "City Acquisition Costs" means all costs, expenses, fees and charges incurred by the City associated with the acquisition by the City of the Bluff Block Property including, but not limited to, payments for just compensation, court filing fees, court-appointed commissioners' fees, appraisal fees and expenses, consultant fees and expenses, attorneys' fees and costs, Relocation di Costs and Expenses fees for service of process and any other cost, expense, fee and/or charge associated with the acquisition of the Bluff Block Property. "City Council"means the City Council of the City. "City Documents" means the documents to be executed and/or delivered by the City at the Closing pursuant to Section 3.7(b) of this Agreement. "City Representative"means the Administrator of the City or his or her designee. "Closing" means the closing on the conveyance of the Jackson Block Property by the City to the Developer. "Closing Date" means the date on which the City conveys the Jackson Block Property to the Developer, which date shall be the date the Developer closes on the Construction Loan, or such later date mutually agreed to by the Parties. "Completion Date" means the date the Certificate of Completion is executed by the City Representative or, with respect to each component or unit of the Minimum Improvements, the date that a comparable certificate of completion is executed with respect to such component or unit. • 1674205v8 4