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Section 1.1. Definitions. <br />Assessor's Phase II Minimum Market Value means the agreed minimum market <br />value of the Phase II Development Property and the Phase II Minimum <br />Improvements for calculation of real property taxes as determined by the assessor <br />for the county of not less than $1,396,550.00 as of January 2, 2006; <br />Guarantee means the guaranties required by section 7.1 of this Amendment to <br />Development Agreement in the form attached hereto as Exhibit A executed by <br />Richard A. Biagini; <br />Minimum Improvements means the substantial completion of the improvements <br />of Phase II contemplated by and in accordance with this Amendment to <br />Development Agreement the construction plans for Phase II Minimum <br />Improvements and as generally described in Exhibit B attached hereto; <br />Phase I Development Property means the real property (including any minimum <br />improvements thereon) legally described in Exhibit C of this Amendment to <br />Development Agreement; <br />Phase II Development Property means the real property (including any minimum <br />improvements thereon) legally described in Exhibit C of this Amendment to <br />Development Agreement; <br />3. Article II of the Original Development Agreement shall be amended to read as <br />follows: <br />Section 2.2. Representations and Warranties of the Developer. <br />(5) The Phase I Minimum Improvements have been <br />constructed at a cost of not less than $1,950,000.00 and the Phase <br />II Minimum Improvements will be constructed at a cost of not less <br />than $1,200,000.00. <br />(11) The Developer represents and warrants that, barring <br />Unavoidable Delays, the Phase II Minimum Improvements will be <br />substantially completed by September 30, 2005. <br />(12) Developer represents and warrants that it shall record the <br />plat for Phase I and Phase II of the project on or before September <br />30, 2005. <br />2 <br />4 <br />