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304291.2 <br />"Appraisal" means that certain MAI appraisal addressed to the Developer and <br />the EDA prepared by Towel Real Estate dated [date]. <br />"Completion Date" means [date] for the Rehabilitation work and [Date] for <br />the Enhancement Work, except only as completion of the Rehabilitation Work or the <br />Enhancement Work may be delayed by strikes, riots or acts of God or the public <br />enemy, shortages of materials or supplies or any other reason beyond the reasonable <br />control of the Developer for which a reasonable extension of time of completion shall <br />be granted by EDA. <br />"Date of Closing" means December 27, 1995. <br />"Default" means any event or condition the occurrence of which would, with <br />the lapse of time or giving of notice, or both, constitute an Event of Default. <br />"Disbursement Request" means a written request by Developer for an <br />Advance of the proceeds of the Loan. Disbursement Requests shall be in the form <br />described in Section 5.2. <br />"Enhancement Work" means the work initially described on the attached <br />Exhibit C and subsequently described in greater detail on the Enhancement Work <br />Plans. <br />"Enhancement Work Construction Contracts" means all contracts between <br />Developer and contractors for the Enhancement Work. <br />"Enhancement Work Construction Time Table" means a written time table <br />stating the dates by which the Enhancement Work will be twenty -five percent (25 %), <br />fifty percent (50 %) and seventy -five percent (75 %) and substantially complete. <br />"Enhancement Work Plans" means the drawings and specifications which <br />Developer submits to the EDA before commencement of the Enhancement Work <br />pursuant to Section 2.4. <br />"Environmental Indemnity Agreement" means that certain Environmental <br />Indemnity Agreement bearing even date herewith executed by Developer in favor of <br />EDA, as the same may be amended, supplemented, modified of restated from time <br />to time. <br />"Event of Default" shall have the meaning assigned to it in Section 8 hereof. <br />"Financing Statement" means that certain Financing Statement executed by <br />Developer, as debtor, in favor of EDA, as secured party for filing with the Minnesota <br />Secretary of State, covering the personal property described in the Mortgage. <br />Page 4 <br />