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4626500v1 <br /> <br /> <br /> 2 <br />ARTICLE I <br /> <br />DEFINITIONS <br />Section 1.1 Definitions. All capitalized terms used and not otherwise defined <br />herein shall have the following meanings unless a different meaning clearly appears <br />from the context: <br />Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />City means the City of Little Canada, Minnesota; <br />County means Ramsey County, Minnesota; <br />Property Owner means AFSA Building Company, a Minnesota Nonprofit Corporation, <br />its successors and assigns; <br />Development Property means the real property legally described in Exhibit A attached to <br />the Development Agreement; <br />Event of Default means any of the events described in Section 4.1 hereof; <br />Legal and Administrative Expenses means the fees and expenses incurred by the City in <br />connection with the preparation of this Agreement; <br />Payment Date means May 1 and October 1 of each year commencing on May 1, 2020 <br />and continuing into perpetuity or until the property is no longer tax exempt and provided that if <br />any such Payment Date should not be a Business Day, the Payment Date shall be the next <br />succeeding Business Day; <br />Pilot Agreement means this Payment in Lieu of Taxes Agreement executed by the <br />Property Owner and the City; <br />Premises means the real property legally described on Exhibit A attached hereto; <br />State means the State of Minnesota.