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1 1 Minnesota Statutes, Section 273 . 13 against which the real property tax is imposed. "Indemnity Agreement" means the Indemnity Agreement from Vernon S. Hoium and Ursula Sheehy to the City in the form set forth as Exhibit C hereto . "Minimum Improvements" means the improvements described in Schedule B attached to this Agreement . "Mortgage" means any mortgage made by Redeveloper which covers, in whole or in part, the Redevelopment Property and is approved by the HRA under Article 8 . "Mortgagee" means the owner or holder of a Mortgage. "Net Proceeds" means any proceeds paid by an insurer to Redeveloper and the HRA under a policy or policies of insurance required under Article 5 and remaining after deducting all expenses (including fees and disbursements of counsel) incurred in the collection of the proceeds . "Note" means the Tax Increment Revenue Note of the HRA issued pursuant to the Note Resolution. "Note Resolution" means Resolution No . of the Board of Commissioners of the HRA adopted , 1989 , authorizing the issuance and setting forth the terms of the Note. "Project" means that portion of the redevelopment project in the City known and referred to as the Evergreen Townhomes Redevelopment Project which is to be located on the Redevelopment Property. "Project Area" means the area designated for redevelopment by the HRA pursuant to the Redevelopment Plan and the Act . "Plans" means Redeveloper ' s plans dated 1988 for redevelopment of the Redevelopment Property as submitted to the City and the HRA, with any subsequent amendments approved by the City and the HRA. "Redevelopment Plan" means the Redevelopment Plan approved by the City on , 1989 , as amended. "Redevelopment Property" means the property described on Schedule A attached hereto . "Restrictions" means the easements, covenants, conditions and restrictions set forth in Exhibit B. �I -3-