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1664674v2 2 ARTICLE I DEFINITIONS Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: Agreement means this Agreement, as the same may be from time to time modified, amended or supplemented; Authority means the Economic Development Authority of the City of Mounds View, Minnesota; Business Day means any day except a Saturday, Sunday or a legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close; City means City of Mounds View, Minnesota, its successors and assigns; Developer means Velmeir Co., L.L.C., a Michigan limited liability company, its successors and assigns; Development Property means the real property described in Exhibit A attached to this Agreement; Event of Default means any of the events described in Section 4.1 hereof; Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank National Association in Saint Paul, Minnesota, as its "prime rate" or "reference rate" or any successor rate, which rate shall change as and when that rate or successor rate changes; Project means an approximately 13,000 square foot CVS Pharmacy to be constructed on the Development Property; Redevelopment Project Area means the real property described in the Redevelopment Plan; Redevelopment Plan means the redevelopment plan approved in connection with the Redevelopment Project Area; Site Improvements means those site improvements identified on Exhibit B attached hereto relating to the Project to be undertaken on the Development Property; State means the State of Minnesota; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1799, as amended; Tax Increment District means Tax Increment Financing District No. 2 located within the Redevelopment Project Area;