7.3. SR 07-20-2015 - Laserfiche WebLink

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