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provisions of the applicable State and local laws and requirements under which the <br /> Project has been undertaken and is, therefor, willing to provide the financial <br /> assistance outlined herein. <br /> NOW, THEREFORE, in consideration of the premises and the mutual <br /> obligations of the parties hereto, each of them does hereby covenant and agree with <br /> the other as follows: <br /> ARTICLE I. <br /> Definitions <br /> Section I.1 Definitions. In this Agreement, unless a different meaning <br /> clearly appears from the context: <br /> "Agreement" means this Agreement, as the same may be from time to time <br /> modified, amended, or supplemented. <br /> "Appraisal" means an appraisal of the current fair market value of the <br /> Development Property prepared by a licensed appraiser chosen by the Authority, <br /> certified to the Authority and the Developer as of a date no more than thirty (30) <br /> • days prior to the issuance of a Warranty Deed pursuant to Section III.3 hereof. <br /> "Authority" means the Economic Development Authority In and For the City <br /> of Elk River, or any successor or assign. <br /> "Certificate of Completion" means the certificates of completion of the <br /> Minimum Improvements to be provided by the Authority to Developer in the form <br /> attached hereto as Schedule C. <br /> "City" means the City of Elk River. <br /> "Completion Date" means <br /> "Construction Plans" means the plans, specifications, drawings and related <br /> documents for the construction work to be performed by the Developer on the <br /> Development Property which shall be as detailed as the documents to be submitted <br /> to the City in connection with conditional use permit approval for the development <br /> of the Minimum Improvements. <br /> "County" means the County of Sherburne. <br /> • <br /> 2 <br /> BeckP 548540.1 <br />