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requirements of the Minimum Improvements, or all such <br />Mortgages as appropriate; <br />Guaranty means the guaranty in the form attached hereto <br />as Exhibit G executed by Richard A. Biagini as provided in <br />Section 7.1 of this Agreement; <br />Minimum Improvements means the substantial completion <br />of the improvements contemplated by and in accordance with <br />this Agreement and the Construction Plans and generally <br />described in Exhibit E attached hereto; <br />Mortgage means any mortgage or security agreement in <br />which the Developer or a predecessor in interest has granted <br />a mortgage or other security interest in the Development <br />Property, or any portion or parcel thereof, or any <br />improvements constructed thereon, and which is a permitted <br />encumbrance pursuant to the provisions of Article VIII; <br />Net Proceeds means any proceeds paid by an insurer to <br />the Developer, the City under a policy or policies of <br />insurance required to be provided and maintained by the <br />Developer pursuant to Article V of this Agreement and <br />remaining after deducting all expenses (including fees and <br />disbursements of counsel) incurred in the collection of such <br />proceeds; <br />Permitted Encumbrances means the encumbrances described <br />in Exhibit D to this Agreement; <br />Person means any individual, corporation, partnership, <br />joint venture, association, joint -stock company, trust, <br />unincorporated organization, or government or any agency or <br />political subdivision thereof; <br />Phase I Development Property means the real property <br />(including any Minimum Improvements thereon) legally <br />described in Exhibit C of this Agreement; <br />1054867.2 <br />Page 52 <br />