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Developer means PLM Properties, LLC, a Minnesota limited liability company and its successors <br />and assigns; <br />Development District means the real property located within Development District No. 1; <br />Development Program means the program approved for the Development District; <br />Development Property means the real property located in the City of Elk River, Sherburne <br />County, Minnesota legally described in Exhibit A attached hereto; <br />ERMU means the Elk River Municipal Utilities; <br />Energy Rebate means the rebate from the City to the Developer described in Section 3.8 hereof, <br />Event of Default means any of the events described in Section 6.1; <br />Guaranties means the Corporate Guaranty and the Personal Guaranties; <br />Guarantors mean the Corporate Guarantor and the Personal Guarantors; <br />Lease means the lease agreement between the Developer and the Company pursuant to which the <br />Developer leases the Development Property and the Project to the Company for operation of the <br />Company's business on the Development Property; <br />Market Value or Market Valuation means the market value of real property as determined by the <br />county assessor in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by any <br />assessor, board of equalization, commissioner of revenue, or any court); <br />Maturity Date means February 1, 2035; <br />Mortgage means the mortgage in substantially the form set forth in Exhibit H to be executed by <br />the Developer in favor of the City to secure the Purchase Price Note; <br />Payment Date means August 1 of the year commencing on August 1, 2026 and each February 1 <br />and August 1 thereafter until the earlier of (a) the Maturity Date, or (b) the date that the Purchase Price <br />Note has been paid in full, defeased, or terminated in accordance with its terms; <br />Personal Guarantors means, collectively, Patrick Menth, David Menth, Anna Pulde and Joseph <br />Menth, all individuals; <br />Personal Guaranties means the Personal Guaranty in substantially the form set forth in Exhibit F, <br />executed by each of the Personal Guarantors; <br />Project means the approximately 110,000 square industrial warehouse facility to be constructed <br />by the Developer on the Development Property in accordance with the Construction Plans approved by <br />the City; <br />Purchase Agreement means the Purchase Agreement, dated as of , between the City <br />and the Developer for the sale of the Development Property to the Developer; <br />Purchase Price Note has the meaning set forth in Section 3.6(a) hereof, <br />Purchase Price Note Pledged Tax Increment means, on each Payment Date, 95% of the Tax <br />4 <br />EL185\77\951254.v6 <br />Page 300 of 372 <br />