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• "Event of Default" means an act or omission by the Redeveloper <br /> or the HRA identified as such in Article X. <br /> "Guarantors" means Francis W. Lang and Eugene M. Nelson. <br /> "Letter of Credit" means the irrevocable bank letter of credit <br /> in the amount of $3604000, in the form attached hereto as <br /> Exhibit B. <br /> "Minimum Improvements" means .the improvements described in <br /> Schedule B attached to this Agreement . <br /> "Maturity Date" -means the date, with respect to a given issue <br /> of Bonds , when the principal, premium (if any) , and interest on <br /> the Bonds are paid in full . <br /> "Minnesota Environmental Policy Act" means Minnesota Statutes, <br /> Sections 116D. 01 , et sea. , as amended . <br /> "Mortgage" means any mortgage made by Redeveloper which covers, <br /> in whole or in part, the Redevelopment Property and is approved <br /> by the HRA under Article VII . <br /> "Mortgagee" means the owner or holder of a Mortgage. <br /> "Net Proceeds" means any proceeds paid by an insurer - to <br /> Redeveloper and the HRA under a policy or policies of insurance <br /> required under Article V and remaining after deducting all <br /> expenses (including fees and disbursements of counsel) incurred <br /> in the collection of the proceeds . <br /> "National Environmental Policy Act" means the federal law 42 <br /> U. S .C. §§4331 et sea. , as amended. <br /> "Permitted Encumbrances" means easements for drainage, public <br /> streets , sanitary sewer, water and other utilities and such <br /> other easements or rights-of-way as presently exist within the <br /> Redevelopment Property and which do not interfere with the <br /> Project , reservations of minerals and mineral rights, building <br /> and zoning laws and ordinances .and all other local, state and <br /> federal laws and regulations, and nondelinquent real estate <br /> taxes and installments of special assessments . <br /> "Project" means that portion of the redevelopment project in <br /> the City known and referred to as the Kenzie Terrace <br /> Redevelopment Project which is to be located on the <br /> Redevelopment Property. <br /> "Project Area" means the area designated for redevelopment by <br /> the HRA pursuant to the Act . <br /> • -4- <br />