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Developer means Envision Company, LLC, a Minnesota limited liability company, its <br /> successors and assigns; <br /> Event of Default means any of the events described in Section 4.1; <br /> Mortgage means the Mortgage, Security Agreement, Assignment of Leases and Rents <br /> and Fixture Financing Statement dated as of the date hereof from the Developer to the City to <br /> secure the amount payable under the Purchase Price Note; <br /> Project means the construction by the Developer of an approximately 105,000 square foot <br /> manufacturing facility to be located in the City and leased to and operated by Sportech; <br /> Purchase Agreement means the Agreement of Purchase and Sale between Developer and <br /> City, dated as of July , 2015; <br /> Purchase Price Note means the promissory note from the Developer to the City in the <br /> principal amount of$1,288,589.00, dated as of the date hereof; <br /> Sportech means Sportech, Inc., a Minnesota corporation, its successors and assigns; <br /> State means the State of Minnesota; <br /> Tax Abatement Act means Minnesota Statutes, Sections 469.1812 through 469.1815; <br /> Tax Abatement Program means the actions by the City pursuant to Minnesota Statutes, <br /> Section 469.1812 through 469.1815, as amended, and undertaken in support of the Project; <br /> Tax Abatement Property means all and any portion of the real property currently <br /> identified as Lots 1 and 2, Block 2, Natures Edge Business Center Second Addition, Sherburne <br /> County, located in the City; <br /> Tax Abatements means the City's share of annual real estate taxes on the Tax Abatement <br /> Property abated in accordance with the Tax Abatement Program. <br /> Unavoidable Delays means delays beyond the reasonable control of the party seeking to <br /> be excused as a result thereof which are the direct result of war, terrorism, strikes, other labor <br /> troubles, fire or other casualty to the Project, litigation commenced by third parties which, by <br /> injunction or other similar judicial action, directly results in delays, unusually severe or <br /> prolonged bad weather, acts of God, or acts of any federal, state or local governmental unit <br /> (other than the City in exercising its rights under this Agreement) which directly result in delays. <br /> Unavoidable Delays shall not include delays in the Developer's obtaining of permits or <br /> governmental approvals necessary to enable construction of the Minimum Improvements by the <br /> dates such construction is required under this Agreement, unless (a) Developer has timely filed <br /> any application and materials required by the City for such permit or approvals, and (b) the delay <br /> is beyond the reasonable control of the Developer. <br /> 2 <br /> 459599v5 JSB EL185-31 <br />