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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:53; JeF #801 ;Page 8 <br /> • "Developer"means Morrell& Morrell, Inc., or its 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 Project, as amended <br /> as of the date of this Agreement. <br /> "Development Property"means the real property described in Schedule A of this Agreement <br /> on which Developer will construct the Minimum Improvements. <br /> "Event of Default" means an action by the Developer listed in Article IX of this 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 Developer pursuant to Section 4.1(b) of this <br /> Agreement. <br /> "Minimum Improvements" means construction by Developer on the Development Property <br /> of an office, warehouse and trucking facility of at least 45,000 square feet in size, and landscaping <br /> of the Development Property, all in accordance with the Construction Plans. <br /> • "Mortgage"means any mortgage obtained by the Developer which is secured, in whole or in <br /> part, by the Development Property and which is a permitted encumbrance pursuant to the provisions <br /> of Article VIII of this Agreement. <br /> "Net Proceeds" means any proceeds paid by an insurer to the Developer under a policy or <br /> policies of insurance required to be provided and maintained by the Developer pursuant to Article V <br /> of this Agreement and remaining after deducting all expenses(including fees and disbursements of <br /> counsel) incurred in the collection of such proceeds. <br /> "Project" means the activities of the Authority within the Project Area within Development <br /> District No. 1. <br /> "Project Area" means the real property located within the boundaries of Development District <br /> No. 1. <br /> "Public Development Costs" means the costs to be paid by the Authority pursuant to <br /> Article LU 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 /> fpDevelopment Property and Minimum Improvements which is remitted to the Authority as tax <br /> increment pursuant to the Tax Increment Act. <br /> Becky 548664.2 3 <br />