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• ARTICLE I <br /> Definitions <br /> Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears <br /> from the context: <br /> "Agreement" means this Agreement, as the same may be from time to time modified, <br /> amended, or supplemented. <br /> "Authority" means the Economic Development Authority In and For the City of Elk River, <br /> or any successor or assign. <br /> "City" means the City of Elk River. <br /> "Construction Plans" means the plans, specifications, drawings and related documents for <br /> the construction work to be performed by the Redeveloper on the Development Property which <br /> shall be as detailed as the documents to be submitted to the City in connection with conditional <br /> use permit approval for the development of the Minimum Improvements. <br /> "County" means the County of Sherburne. <br /> • "Development Property" means the real property described in Schedule A of this <br /> Agreement on which Redeveloper will construct the Minimum Improvements. <br /> "Event of Default" means an action by the Redeveloper listed in Article IX of this <br /> Agreement. <br /> "Holder" means the owner of a Mortgage. <br /> "Job Performance Agreement" means the agreement in the form of Schedule C attached <br /> hereto to be entered into between the Authority and the Redeveloper pursuant to Section 4.1(b) <br /> of this Agreement. <br /> "Maturity Date" means the date that the Authority's payment obligations under the Note <br /> terminate. <br /> "Minimum Improvements" means the construction by the Redeveloper of an <br /> office\warehouse\manufacturing facility of at least 25,000 square feet in size in accordance with <br /> the Construction Plans. <br /> "Mortgage" means any mortgage obtained by the Redeveloper which is secured, in whole <br /> or in part, by the Development Property and which is a permitted encumbrance pursuant to the <br /> provisions of Article VIII of this Agreement. <br /> 3 <br />