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"Declaration of Restrictive Covenants" means the Declaration of Restrictive Covenants between <br />the Authority and the Developer in substantially the form set forth in EXHIBIT D attached hereto. <br />"Developer" means Boulevard Apartments, Limited Partnership, a Minnesota limited partnership, or <br />its permitted successors and assigns. <br />"Development Property" means the real property described in EXHIBIT A attached hereto, <br />including the Tax -Forfeited Property and the Additional Property. <br />"EDA Act" means Minnesota Statutes, Sections 469.090 to 469.1082, as amended. <br />"Event of Default" means an action by the Authority or the Developer listed in Article IX hereof. <br />"Holder" means the owner of a Mortgage. <br />"Housing Unit" means the housing units constructed as part of the Minimum Improvements. <br />"HRA Act" means Minnesota Statutes, Sections 469.001 through 469.047, as amended. <br />"Material Change" means a change in construction plans that adversely affects generation of tax <br />increment or changes the number of Housing Units. <br />"Maturity Date" means the date that the TIF Note has been paid in full or terminated, whichever <br />is earlier. <br />"Minimum Improvements" means the construction by the Developer on the Development <br />Property of a three-story, 60 -unit workforce rental building, including underground parking. <br />"Minimum Market Value" means $7,800,000. <br />"Mortgage" means any mortgage made by the Developer which is secured, in whole or in part, <br />with the Development Property and which is a permitted encumbrance pursuant to the provisions of <br />Article VII hereof. <br />"Payment Date" means each February 1 and August 1, commencing 1, 20_, on <br />which principal of the TIF Note is paid. <br />"Project" means the Mounds View Economic Development Project. <br />"Project Area" means the real property located within the boundaries of the Project. <br />"Public Redevelopment Costs" has the meaning given such term in Section 3.5 hereof. <br />"Real Estate Option Agreement" means the Real Estate Option Agreement, dated , <br />2018, between the City, the Authority, and the Developer regarding the Developer's option to purchase <br />the Tax -Forfeited Property. <br />"Redevelopment Plan" means the Redevelopment Plan for the Project approved and adopted by <br />the Authority and the City Council of the City. <br />"State" means the State of Minnesota. <br />516911v1 JAE MU205-47 <br />