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DEVELOPMENT AGREEMENT <br />1. PARTIES AND EFFECTIVE DATE. The parties to this Agreement are: the <br />City of Little Canada, a Minnesota municipal corporation (the "City ") and Country Drive <br />Invest rs, L.L.C.,Investments LAX, a Minnesota limited liability company ( "Developer "). This <br />Agreement is made and is effective as of the day of July, 2001 (if the City and Developer <br />do not complete the preceding blank when this document is executed, this Agreement is effective <br />as of the later of the date the Mayor and City Administrator acknowledge their signature of this <br />Agreement or the date the individual executing this Agreement on behalf of the Developer <br />acknowledges this Agreement, as reflected by the notarized acknowledgments on the signature <br />pages of this Agreement). <br />2. DEFINITIONS. As used in this Agreement and any exhibits or attachments to <br />this Agreement, the capitalized words and phrases defined in this Section 2 have the meanings <br />attributed to them in this Section 2. <br />2.1. "Agreement" means this Development Agreement, as the same may be <br />modified, amended or supplemented from time to time; <br />2.2. "Assessment Agreement" means the assessment agreement entered into <br />with respect to the Development Property as provided in Section 7.1; <br />2.3. "Building" means the building described in the Construction Plans which <br />constitutes a part of the Minimum Improvements; <br />2.4. "Business Day" means any day except a Saturday, Sunday or a legal <br />holiday or a day in which banking institutions in the City are authorized by law or <br />executive order to close; <br />2.5. "Certificate of Completion" means the Certificate of Completion described <br />in Section 6.5; <br />2.6. "Certificate of Occupancy" means a certificate of occupancy issued by the <br />City of Little Canada pursuant to the City Code; <br />2.7. "City" means the City of Little Canada; <br />2.8. "Condemnation Award" means the amount remaining from an award to <br />the Developer for the acquisition of title to and possession of the Development Property, <br />or any part thereof, after deducting all reasonable expenses (including reasonable fees <br />and disbursements of counsel) Developer incurs to collect the award; <br />6.3. <br />1316916v1 <br />2.9. "Construction Commencement Date" has the meaning set forth in Section <br />2.10. "Construction Completion Date" has the meaning set forth in Section 6.3. <br />Page 46 <br />