8.1 SR 08-19-2024 - Laserfiche WebLink

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5 EL185\77\970529.v2 Payment Date means August 1 of the year commencing on August 1, 2026 and each February 1 and August 1 thereafter until the earlier of (a) the Maturity Date, or (b) the date that the Purchase Price Note has been paid in full, defeased, or terminated in accordance with its terms; Personal Guarantors means, collectively, Patrick Menth, David Menth, Linda Menth, Anna Pulde and Joseph Menth, all individuals; Personal Guaranties means the Personal Guaranty in substantially the form set forth in Exhibit F, executed by each of the Personal Guarantors; Priority Loans mean the Bank Loan and the SBA Loan; Project means the approximately 110,000 square industrial warehouse facility to be constructed by the Developer on the Development Property in accordance with the Construction Plans approved by the City; Purchase Agreement means the Purchase Agreement, dated as of June 25, 2024, between the City and the Original Developer for the sale of the Development Property, as assigned to the Developer; Purchase Price Note has the meaning set forth in Section 3.6(a) hereof; Purchase Price Note Pledged Tax Increment means, on each Payment Date, 95% of the Tax Increment attributable to the Development Property and paid to the City by the County in the six (6) months preceding the Payment Date; SBA Lender means Twin Cities-Metro Certified Development Company, a Minnesota nonprofit corporation; SBA Loan mean the loan from the SBA Lender assigned to the U.S. Small Business Administration, in an amount not to exceed $4,824,000; Security Documents mean the Mortgages and the Guaranties; State means the State of Minnesota; Tax Increment means the tax increments derived from the Development Property and the improvements thereon which have been received and are permitted to be retained by the City in accordance with the TIF Act including, without limitation, Minnesota Statutes, Sections 469.177; 469.176, Subd. 4h; and 469.175, Subd. 1a, as the same may be amended from time to time; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; Tax Increment District means Tax Increment Financing District No. 29 (Heritage Millwork Development Project), as adopted by the City on June 3, 2024, which is qualified as an economic development district under the Tax Increment Act; Tax Increment Financing Plan means the City’s Tax Increment Financing Plan for the Tax Increment District, as approved by the City on June 3, 2024 and as may be amended from time to time; Termination Date means the later of (a) date of the City’s last receipt of Tax Increment from the Tax Increment District in accordance with Section 469.176, subdivision 1b(3) of the Tax Increment Act; or (b) the date the Purchase Price Note has been paid in full, defeased, or terminated in accordance with Page 234 of 327