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<br />Construction Plans means the plans, specifications, drawings and related documents for the <br />construction of the Project, which shall be as detailed as the plans, specifications, drawings and <br />related documents which are submitted to the building inspector of the City; <br />County means Sherburne County, Minnesota; <br />County Assessor means the County Assessor of Sherburne County, Minnesota; <br />Design Drawings means the floor plans, renderings, elevations and material specifications <br />for the Project prepared by the Architect; <br />Developer means Stonewood Development LLC, a _________ limited liability company, <br />and its authorized successors and assigns; <br />Development Property means the real property legally described in Exhibit B attached to <br />hereto; <br />Event of Default means any of the events described in Section 4.1 hereof; <br />General Contractor means the general contractor selected by the Developer as the general <br />contractor for the Project; <br />Phase One Final Payment Date means the earliest of (i) the date on which the entire <br />principal on the Phase One TIF Note has been paid in full; or (ii) February 1, 2043; or (iii) any <br />earlier date this Agreement or the Phase One TIF Note is terminated or cancelled in accordance <br />with the terms hereof or deemed paid in full; or (iv) the February 1 following the date the TIF <br />District is terminated in accordance with the TIF Act; <br />Phase One Payment Date means August 1, 2023 and each February 1 and August 1 <br />thereafter to and including the Phase One Final Payment Date; provided, that if any such Phase <br />One Payment Date should not be a Business Day, the Phase One Payment Date shall be the next <br />succeeding Business Day; <br />Phase One Project means the acquisition of the Development Property, demolition of <br />existing blighted buildings, and construction of an approximately 90-unit multifamily housing <br />building and related amenities thereon; <br />Phase One TIF Note means the Taxable Tax Increment Revenue Note (Delta Apartments <br />Phase One Project) to be executed by the City and delivered to the Developer pursuant to Article <br />III hereof, a form of which is set forth in Exhibit D attached hereto; <br />Phase Two Final Payment Date means the earliest of (i) the date on which the entire <br />principal on the Phase Two TIF Note has been paid in full; or (ii) February 1, 2045; or (iii) any <br />earlier date this Agreement or the Phase Two TIF Note is terminated or cancelled in accordance <br />with the terms hereof or deemed paid in full; or (iv) the February 1 following the date the TIF <br />District is terminated in accordance with the TIF Act; <br />3 <br />EL185-50-718703.v2 <br /> <br />