Agenda Packets - 1987/12/14 - Laserfiche WebLink

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"Contract for Deed" means that certain "Contract for Deed," a copy of which is attached hereto as Schedule G dated December 31, 1986, between Russell H. Underdahl and Elaine Underdehl, as vendors, and JLN Development, Inc., a Minnesota corporation, as vendee, providing for the sale of the majority of the Redevelopment Property, the vendee's Interest under which Contract for Deed has, as of the date hereof, been assigned by JLN Development, Inc., to Commercial Property Investments, Inc., a Minnesota corporation. "County" means the County of Remsey, Minnesota. "Developer's Agreement" means the agreement dated , between the Redeveloper and the City, including all exhibits thereto, as the same may be amended from time to time. "Development District" means Development District No. 2 created by the City pursuant to the Act through the adoption of the Plan on September 22, 1986. "Event of Default" means an action by the Redeveloper described in Section 9.1 of this Agreement. "Guarantee Letter of Credit" means the letter of credit required to be provided by the Redeveloper pursuant to Section 6.1 of this Agreement. "Holder" means the grantee under any Mortgage. "Maturity Date" means the earlier of December 31, 2011, or the date when 5.. the principal of, premium (if any), and Interest on the Bonds are paid in full. "Minimum Improvements" means the Improvements to be constructed by the Redeveloper or. the Redevelopment Property which improvements are described in the Developer's Agreement. "Minnesota Environmental Policy Act" means the statutes located at Min- nesota Statutes, Sections 116D.01 et sew., as amended. "Minnesota Environmental Rights Act" means the statutes located at Minnesota Statutes, Sections 116B.01 et sag., as amended. "Mortgage" means an; mortgage made by the Redeveloper which is secured, In whole or in part, with the Redevelopment Property and which is a permitted encumbrance pursuant to the provisions of Article Vill of this Agreement. "Net Proceeds" means any proceeds paid bi an insurer to the Redeveloper or the City under a policy or policies of insurance required to be provided and maintained by the Redeveloper pursuant to Article V of this Agreement and remaining after deducting all expenses (including fees and disbursements of couns-1) incurred in the collection of such proceeds. "National Environmental Policy Act" means the federal law located at 42 U.S.C. SS 4331 et seq., as amended. "Parcel" means a portion of the Redevelopment Property upon which a Phase is to be constructed by the Redeveloper.