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"Event of Default" means an action by the Developer listed in Article IX of this <br />Agreement. <br />"Holder" means the owner of a Mortgage. <br />"Maturity Date" means the later of (a) date that the Note has been paid in full or <br />terminated in accordance with its terms, or (b) five years after substantial completion of the <br />Minimum Improvements. <br />"Minimum Improvements" means the construction on the Development Property of an <br />approximately 12,400 square -foot distribution facility. <br />"Mortgage" means any mortgage made by the Developer which is secured, in whole or in <br />part, with the Development Property and which is a permitted encumbrance pursuant to the <br />provisions of Article VIII of this Agreement. <br />"Note" means a Tax Increment Revenue Note, substantially in the form contained in the <br />Authorizing Resolution, to be delivered by the Authority to the Developer in consideration for <br />the Developer's payment of Site Improvement Costs, and any obligation issued to refund the <br />Note. <br />"Project" means the Authority's Development District No. 1. <br />"Project Area" means the real property located within the boundaries of the Project. <br />"Site Improvement Costs" has the meaning provided in Section 3.3. <br />"State" means the State of Minnesota. <br />"Tax Increment" means that portion of the real property taxes which is paid with respect <br />to the TIF District and which is remitted to the Authority as tax increment pursuant to the Tax <br />Increment Act. <br />"Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota <br />Statutes, Sections 469.174 to 469.179, as amended. <br />"Tax Increment District" or "TIF District" means the Authority's Tax Increment <br />Financing District No. 1-10. <br />"Tax Increment Plan" or "TIF Plan" means the Authority's Tax Increment Financing <br />Plan for Tax Increment Financing District No. 1-10, as approved August 11, 2003 and as it may <br />be amended. <br />"Tax Official" means any County assessor; County auditor; County or State board of <br />equalization, the commissioner of revenue of the State, or any State or federal district court, the <br />tax court of the State, or the State Supreme Court. <br />S1B-258192v3 <br />LN 140-89 <br />3 <br />