3.0.-5.0. EDSR 04-26-1993 - Laserfiche WebLink

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WHEREAS, the City and EDA believe that development of the • Property pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Project has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I pefinitions 1.1) Definitions . In this Agreement, unless a different meaning clearly appears from the context: "Act" means Minnesota Statutes, Section 469 .001 et seq. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Assessment Agreement" means the agreement, in the form of the agreement contained in Schedule B attached to and made a part of this Agreement, among the Developer, the EDA and the county assessor of Sherburne County, entered into pursuant to Section 6 .2 of this Agreement. "Authority" shall mean the Economic Development Authority for the City of Elk River. "City" means the City of Elk River, Minnesota. "County" means the County of Sherburne, Minnesota. "Developer" means Tescom Corporation, Inc. "EDA" means the Economic Development Authority for the City of Elk River. "Event of Default" means an action by the Developer listed in Article IX of this Agreement. "Minimum Improvements" means an approximately 30, 000 square foot industrial building to be constructed on the Property. "Mortgage" means any mortgage made by the Developer which is secured, in whole or in part, with the Property. "Net Proceeds" means any proceeds paid by an insurer to the • Developer or the Authority under a policy of insurance required to be provided and maintained by the Developer pursuant to 2 .