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delivered by the Bond Registrar pursuant to the terms of Section 2.03(h) of the Bond Resolution pertaining to the replacement of Bonds. "Owner" means the registered owner of any Outstanding Bond. "Paying Agent" means U.S. Bank National Association, Saint Paul, Minnesota, or any successor paying agent appointed by the Authority. "Paying Agent Agreement" means the Paying Agent Agreement, dated as of June 1, 2015, between the Paying Agent and the Authority, as amended or supplemented from time to time. "Permitted Encumbrances" means, as of any particular time: (i) liens for taxes and assessments not then delinquent, or which the City may, pursuant to provisions of Section 6.3 hereof, permit to remain unpaid; (ii) the Ground Lease, this Lease and amendments hereto or thereto; (iii) the Authority's interest in the Facilities; (iv) any mechanic's, laborer's, materialmen's, supplier's or vendor's lien or right not filed or perfected in the manner prescribed by law; (v) such minor defects, irregularities, encumbrances, easements, rights-of-way and clouds on title as normally exist with respect to properties similar in character to the Site and which do not, in the opinion of Independent Counsel, materially impair the property affected thereby for the purpose for which it was intended; and (vi) easements, restrictions or encumbrances, if any, shown on EXHIBIT A hereto. "Project Costs" has the meaning provided in Section 3.2(b) hereof. "Project Fund" means the Project Fund established under the Bond Resolution. "Purchase Price" means, with respect to any date, cash or obligations of or guaranteed by the United States of America maturing at such times and in such amounts as to provide for the full and timely payment of all interest and premium, if any, on and principal of the Outstanding Bonds to maturity or an earlier redemption date, if applicable. The City shall be entitled to credit against the Purchase Price the amount of any moneys theretofore paid to and held by the Authority or the Paying Agent and available for the payment of the Outstanding Bonds. "Site" means the real property described in EXHIBIT A hereto, including any property added to or substituted for any portion of the Site, and less any real property released from this Lease pursuant to Article VI hereof. "State and Federal Laws" means the Constitution and any law of the State of Minnesota and any ordinance, rule or regulation of any agency or political subdivision of the State of Minnesota; and any law of the United States, and any rule or regulation of any executive department or federal agency. "Term of Lease" means the period during which this Lease may remain in effect as specified in Section 5.1 hereof. Lease: Section 1.2. Exhibits. The following Exhibits are attached to and by reference made a part of this Lease. EXHIBIT A: A legal description of the Site and a listing of Permitted Encumbrances. EXHIBIT B: The date and amount of each Lease Payment coming due during the Term of 460515v2 JAE LN140-112 4