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"Mortgage" means any mortgage obtained by the Redeveloper which is secured, in whole or <br /> • in part, by the Development Property and which is a permitted encumbrance pursuant to the <br /> °al <br /> provisions of Article VIII of this Agreement. <br /> "Net Proceeds" means any proceeds paid by an insurer to the Redeveloper under a policy or <br /> policies of insurance required to be provided and maintained by the Redeveloper pursuant to <br /> Article V of this Agreement and remaining after deducting all expenses (including fees and <br /> disbursements of counsel) incurred in the collection of such proceeds. <br /> "Note" means the Authority's limited revenue tax increment note to be issued by the <br /> Authority to the Redeveloper pursuant to Article III of this Agreement to reimburse the <br /> Redeveloper for its payment of the Public Development Costs. <br /> "Project" means the activities of the Authority and the Redeveloper within the Project Area <br /> within Development District No. 1. <br /> "Project Area" means the real property located within the boundaries of the Project. <br /> "Public Development Costs" means the costs to be paid by the Authority, through the <br /> issuance of the Note, pursuant to Article III of this Agreement. <br /> "Redeveloper" means Morrell & Morrell, Inc., or their executors, representatives and <br /> assigns, or any future owners of the Redevelopment Property. <br /> "Redevelopment Plan" means the Authority's Redevelopment Plan for the Project, as <br /> amended as of the date of this Agreement. <br /> "State" means the State of Minnesota. <br /> "Tax Increment" means that portion of the real property taxes paid with respect to the <br /> Redevelopment Property and Minimum Improvements which is remitted to the Authority as tax <br /> increment pursuant to the Tax Increment Act. <br /> "Tax Increment Act" means Minnesota Statutes, Section 469.174-469.179, as the same may <br /> be amended from time to time. <br /> "Tax Increment District" means the Authority's Tax Increment District No. 18 within the <br /> Project. <br /> "Tax Official" means any City or county assessor, County auditor, City, County or State <br /> board of equalization, the commissioner of revenue of the State, or any State or federal district <br /> court, the tax court of the State, or the State Supreme Court. <br /> "Unavoidable Delays" means delays which are the result of acts of God, adverse weather <br /> conditions, strikes, other labor troubles, delays in obtaining construction materials, machinery <br /> 4 <br />