12-19-2001 Council Agenda - Laserfiche WebLink

Home Browse Search

2_ 36,. "Gross Receipts" means, for any Fiscal Year, all cash and the fair market value of all non -cash income the Developer derives from the operation of the Redevelopment Proper y, including, but not limited to, all rents, all refunds or rebates of Operating Expenses, and any amounts received by Developer under the terms of any cross access agreement, easement agreement, declaration of covenants, conditions, restrictions and easements or similar tune of agreement liow ever titled Gross Receipts do not include capital contributions to Developer from Developer's members or proceeds Developer receives from a Capital Transaction. 2.37, 2.29. "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. 2.38. "Lease" means a lease between Developer, as landlord, and a third Harty, as tenant for space in the Minimum Improvements 2.39. "Maturity Date" is the date the Developer Note becomes due and payable, in full, pursuant to Section 6.3(d), 2.40.. 2.30. "Minimum Improvements" means the buildings and improvements generally described on the attached Exhibit A until the Developer has prepared and the City approves the Construction Plans. After the City approves the Construction Plans, "Minimum Improvements" means the buildings and improvements as depicted on and described in the approved Construction Plans. 2.41. 2.31. "Mortgage" means a mortgage or other voluntary lien on or a security interest in the Redevelopment Property or any portion thereof which the Developer grants to a third party. 2.42. 2.32. "MPCA" means the Minnesota Pollution Control Agency. 2.43. 2.33. "Net Insurance Proceeds" means the amount of insurance proceeds an insurer is obligated to pay to the Developer (and any other insured parties) for damage to or destruction of the Minimum Improvements less reasonable expenses (including reasonable attorneys' fees and disbursements) Developer incurs to collect the insurance proceeds. 2.44. "Operating Expenses" means, for any Fiscal Year, expenses the Developer incurs in connection with the operation and maintenance of the Redevelopment Property including, but not limited to, the costs of: maintaining the building, parking areas and landscaped areas located on the Redevelopment Property; providing janitorial services required under the terms of any Lease; tenant improvements Developer is required to make under the term any Lease (tenant improvement costs must be amortized over the term of the Lease which requires the Developer to construct the tenant improvements)3 leasing commissions (leasing commissions must be amortized over the term of the Lease for which the 1353333vDOC Red (V3 to V2) Page 110