07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 2.11. "EDA" means the Economic Development Authority of the City of Little Canada. 2.12. "Environmental Law" means the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 96.01 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 69.01 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section 1802 et seq., the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq., the Federal Water Pollution Control Act, 33 U.S.C. sec. 1251 et seq., the Clean Water Act, 33 U.S.C. Section 1321 et seq., the Clean Air Act, 42 U.S.C. sec. 7401 et seq., the Minnesota Environmental Response and Liability Act, Minnesota Statutes ch. 115B, the Minnesota Petroleum Tank Release Cleanup Act, Minnesota Statutes ch. 115C, and any other federal, state, county, municipal, local or other statute, law, ordinance or regulation which may relate to or deal with human health or the environment, all as may be from time to time amended. 2.13. "Event of Default" means any of the Events of Default described in Section 12.1. 2.14. "Guaranty" means a personal guaranty of George E. Sherman, in substantially the form of the pro forma guaranty attached as Exhibit E, pursuant to which George E. Sherman personally guarantees Developer's obligation to pay real estate taxes due and payable with respect to the Development Property pursuant to Section 8.1 and the Developer's obligation to pay to the EDA the amount of any Tax Increment Shortfall pursuant to Section 8.2. 2.15. "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. 2.16. "Mellgren Property" means the real property legally described on the attached Exhibit A -1 and any improvements or fixtures located thereon. 2.17. "Minimum Improvements" means the buildings and improvements as depicted on and described in the 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 EDA or the Developer. 2.20. "Project" means the Developer's development of Development Property pursuant to this Agreement. 2-5-