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3 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br /> <br /> “Event of Default” means an action by the Developer or the EDA listed in Article VIII of this <br />Agreement. <br /> <br /> “Minimum Improvements” means approximately an approximately 3,500 square foot <br />expansion to the Developer’s existing facility on an adjacent parcel as identified and set forth in <br />Exhibit B and constructed in accordance with the Construction Plans submitted to and approved by <br />the EDA. After completion of the Minimum Improvements, the term shall mean the Development <br />Property as improved by the Minimum Improvements. <br /> <br /> “Sale” means any sale, conveyance, lease, exchange, forfeiture other transfer of the <br />Developer's interest in the Minimum Improvements or the Development Property, whether voluntary <br />or involuntary. <br /> <br /> “State” means the state of Minnesota. <br /> <br /> “Termination Date” means 30 months from the Date of Closing or the date of the Certificate <br />of Completion and Release of Forfeiture issued by the EDA, whichever comes first and which may <br />be extended accordingly in the event of any Unavoidable Delays, as defined herein. <br /> <br /> “Unavoidable Delays” means delays which are the direct result of unanticipated adverse <br />weather conditions; strikes or other labor troubles; fire or other casualty to the Minimum <br />Improvements; litigation commenced by third parties which, by injunction or other similar judicial <br />action, directly results in delays; or, except those of the EDA reasonably contemplated by this <br />Agreement, any acts or omissions of any federal, State or local governmental unit which directly <br />result in delays in construction of the Minimum Improvements. <br /> <br /> Section 1.2. Rules of Interpretation. (a) This Agreement shall be interpreted in accordance <br />with and governed by the laws of Minnesota. <br /> <br /> (b) The words “herein” and “hereof” and words of similar import, without reference to <br />any particular section or subdivision, refer to this Agreement as a whole rather than any particular <br />section or subdivision hereof. <br /> <br /> (c) References herein to any particular section or subdivision hereof are to the section or <br />subdivision of this Agreement as originally executed. <br /> <br /> (d) Any titles of the several parts, articles and sections of this Agreement are inserted for <br />convenience and reference only and shall be disregarded in construing or interpreting any of its <br />provisions. <br /> <br /> Section 1.3. Incorporation of Exhibits. The following exhibits are attached to and by <br />reference made a part of this Agreement: <br /> <br /> Exhibit A. Legal Description of the Development Property <br /> Exhibit B. Developer Proposal