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DRAFT <br /> 4.15.2004 <br /> • <br /> NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br /> contained and other valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged,the parties hereby covenant and agree as follows: <br /> AGREEMENT <br /> 1.0. Definitions. In this Agreement, unless a different meaning clearly appears from the <br /> context: <br /> (a) "Agreement" means this Agreement, as the same may be from time <br /> to time modified, amended, or supplemented. <br /> (b) "Authority" means the Mounds View Economic Development <br /> Authority. <br /> (c) "Certificate of Completion" means the certification provided to the <br /> Developer, substantially in the form attached as Exhibit B to this Agreement, <br /> pursuant to Section 20 of this Agreement. <br /> • (d) "City"means the City of Mounds View,Minnesota. <br /> (e) "County"means the County of Ramsey,Minnesota. <br /> (f) "Developer" means Pro Craft Development, LLC or its permitted <br /> successors and assigns. <br /> (g) "Event of Default" means an action by the Developer listed in <br /> Section 17 of this Agreement. <br /> (h) "Holder"means the owner of a Mortgage. <br /> (i) "Material" means any effect or change which significantly alters the <br /> intended use of the Property, or increases or decreases the costs of any individual <br /> item of the Minimum Improvements by more than$10,000. <br /> (j) "Minimum Improvements" means the full development of the <br /> Property as outlined in Exhibit C, entitled "Minimum Improvements of Property" <br /> with associated improvements as shown on the Redevelopment Plans. <br /> (k) "Mortgage" means any mortgage made by the Developer which is <br /> secured, in whole or in part,with the Property and which is a permitted encumbrance <br /> pursuant to the provisions of this Agreement. <br /> r <br /> SJR-245249v4 <br /> MU205-29 <br /> 2 <br />