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TABLE OF CONTENTS <br />Page <br />1. Parties and Effective Date 1 <br />2. Definitions 1 <br />3. Recitals 4 <br />4. REPRESENTATIONS AND OPINION OF DEVELOPER'S COUNSEL 4 <br />5. ACQUISITION OF THE DEVELOPER PROPERTY AND PURCHASE AND SALE <br />OF THE RUTZIK/CARDINAL /VENETIAN PROPERTY 6 <br />5.1. Acquisition of the Mellgren Property 6 <br />5.2. Purchase and Sale of the Rutzik/Cardinal /Venetian Property 6 <br />6. CONSTRUCTION OF THE MINIMUM IMPROVEMENTS 6 <br />6.1. Construction Plans 6 <br />6.2. Compliance with Governmental Regulations 6 <br />6.3. Completion of Construction 7 <br />6.4. Modification of the Construction Plans 7 <br />6.5. Conveyance Subject to Right of Re -entry 8 <br />6.6. Mortgage 8 <br />6.7. Certificate of Completion and Release 8 <br />7. ASSESSMENT AGREEMENT 9 <br />7.1. Execution and Recording of Assessment Agreement 9 <br />7.2. Release of Assessment Agreement and Reduction of Minimum Market Value 10 <br />7.3 Impact of the Assessment Agreement upon the Developer Property 10 <br />8. PAYMENT OF REAL ESTATE TAXES AND TAX INCREMENT SHORTFALL, <br />GUARANTY 10 <br />8.1. Real Property Taxes 10 <br />8.2. Payment of Tax Increment Shortfall Guaranty 11 <br />8.3. Cap 12 <br />8.4. Pooling 12 <br />9. INSURANCE, CASUALTY LOSS, CONDEMNATION AND <br />INDEMNIFICATIONS 12 <br />9.1. Insurance 12 <br />9.2. Casualty Loss Notice and Repair Obligations 14 <br />9.3. Condemnation 14 <br />9.4. Release, Defense and Indemnification Covenants 14 <br />10. MORTGAGE FINANCING 15 <br />10.1. Right to Mortgage 15 <br />10.2. Notice of Default; Copy to Mortgagee 15 <br />10.3. Mortgagee's Option to Cure Events of Defaults 15 <br />10.4. Authority's Option to Cure Default on Mortgage 15 <br />10.5. Developer's Obligation to Perform Mortgage Obligations 16 <br />1450998v8 <br />2 <br />