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"Developer" means Bryan L. Jones or, subject to the rights of the Authority <br /> • pursuant to Article VIII hereof, his successors, executors, representatives or <br /> assigns, or any future owners of the Development Property. <br /> "Development Program" means the City's Development Program for the <br /> Project, as amended as of the date of this Agreement. <br /> "Development Property" means the real property described in Schedule A of <br /> this Agreement on which Developer will construct the Minimum Improvements. <br /> "Event of Default" means an action by the Developer listed in Article IX of <br /> this Agreement. <br /> "Holder" means the owner of a Mortgage. <br /> "Job Performance Agreement" means the agreement in the form of Schedule <br /> C attached hereto to be entered into between the Authority and the Developer <br /> pursuant to Section 4.1(b) of this Agreement. <br /> "Maturity Date" means <br /> "Minimum Improvements" means the construction by the Developer of 35,000 <br /> • - 40,000 square foot manufacturing facility, in accordance with the Construction <br /> Plans, with a market value of no less than One Million Dollars ($1,000,000). <br /> "Mortgage" means any mortgage obtained by the Developer which is secured, <br /> in whole or in part, by the Development Property and which is a permitted <br /> encumbrance pursuant to the provisions of Article VIII of this Agreement. <br /> "Net Proceeds" means any proceeds paid by an insurer to the Developer <br /> under a policy or policies of insurance required to be provided and maintained by <br /> the Developer pursuant to Article V of this Agreement and remaining after <br /> deducting all expenses (including fees and disbursements of counsel) incurred in <br /> the collection of such proceeds. <br /> "Project" means the activities of the Authority and the Developer within the <br /> Project Area within Development District No. 1. <br /> "Project Area" means the real property located within the boundaries of <br /> Development District No. 1. <br /> "Public Development Costs" means the costs to be paid by the Authority, <br /> pursuant to Article III of this Agreement. <br /> 1111 "State" means the State of Minnesota. <br /> 3 <br /> Beck?548540.1 <br />