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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:54 P.08 <br /> Development Program means the development program approved <br /> in connection with the Development District; <br /> Development Property means the real property (including any <br /> Minimum Improvements thereon) legally described in Exhibit B of <br /> this Agreement and when the Ci conve s •e Ad'acent Develo.ment <br /> Property to the Developer the term Development Property shall <br /> also include the Adjacent Development Propertz; <br /> Event of Default means any of the events described in <br /> Section 10 .1; <br /> First Mortgage means any Mortgage which Developer purchases <br /> the Development Property subject to or any Mortgage granted to <br /> secure any loan made pursuant to either a mortgage commitment <br /> obtained by the Developer from a commercial lender or other <br /> financial institution to purchase the Development Property or <br /> fund any portion of the construction costs and initial operating <br /> capital requirements of the Minimum Improvements, or all such <br /> Mortgages as appropriate; <br /> Minimum Improvements means the substantial completion of the <br /> improvements contemplated by and in accordance with this <br /> Agreement and the Construction Plans and generally described in <br /> Exhibit C attached hereto; <br /> Mortgage means any mortgage or security agreement in which <br /> the Developer or a predecessor in interest has granted a mortgage <br /> or other security interest in the Development Property, or any <br /> portion or parcel thereof, or any improvements constructed <br /> thereon, and which is a permitted encumbrance pursuant to the <br /> provisions of Article VIII; <br /> Net Proceeds means any proceeds paid by an insurer to the <br /> Developer, the City under a policy or policies of insurance <br /> required to be provided and maintained by the Developer pursuant <br /> to Article V of this Agreement and remaining after deducting all <br /> expenses (including fees and disbursements of counsel) incurred <br /> in the collection of subh proceeds; <br /> Person means any individual, corporation, limited_liability <br /> corporation, partnership, joint venture, association, joint-stock <br /> company, trust, unincorporated organization, or government or any <br /> agency or political subdivision thereof; <br /> Proiect means the acquisition of the Development Property <br /> and the construction of the Minimum Improvements thereon; <br /> 965316.Red <br /> vZ to Vi; 12/11/98 4 <br />