11-13-2002 Council Agenda - Laserfiche WebLink

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2.14. "Event of Default" means any of the Events of Default described in Section 12.1. 2.15. "First Mortgage" means a recorded Mortgage with priority over all other Mortgages and liens on the Development Property (other than the lien for real estate taxes and levied special assessments not yet due and payable) which the Developer grants to the United States Department of Housing and Urban Development, a commercial lender or another financial institution to secure a loan the proceeds of which the Developer is obligated to use to pay costs of constructing the Minimum Improvements. 2.16. "Hazardous Substances" means asbestos, urea formaldehyde, polychlorinated biphenyls ( "PCBs "), nuclear fuel or material, chemical waste, radioactive material, explosives, known carcinogens, petroleum products and by- products and other dangerous, toxic or hazardous pollutants, contaminants, chemicals, materials or substances listed or identified in, or regulated by, any Environmental Law. 2.17. "Minimum Improvements" means the buildings and improvements as depicted on and described in the approved Construction Plans, as the same may be modified pursuant to Section 6.4. 2.18. "Mortgage" means a mortgage or other lien on or security interest in the Development Property, or any portion thereof, which the Developer grants to a third party. 2.19. "Party" means the GityEDA or the Developer. 2.20. "Project" means the Developer's development of Development Property pursuant to this Agreement. 2.21. "Purchase Agreement" means the Purchase Agreement described in Section 5. 2.22. "Redevelopment Plan" means the Redevelopment Plan the City adopted for Redevelopment Project Area No. 1. 2.23. "Redevelopment Project" means the City's Redevelopment Project Area No. 1 which the City created pursuant to Minnesota Statutes, Section 469.001 through 469.047. 2.24. "Reimbursable Costs" means all costs the Developer actually incurs and documents to the reasonable satisfaction of the Gi-tyEDA for land acquisition or for some or all of the site improvement costs described on Exhibit GB. Costs attributable to both the housing and commercial components of the Project must be prorated and only the pro rata portion of such costs that are attributable to housing qualify as Reimbursable Costs. 2.25. "State" means the State of Minnesota. 428086vdoo Red (VS to V7) -3-