RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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“State” means the State of Minnesota. “Termination Date” means the earlier of (i) February 1, 2032, (ii) the date the TIF Note is paid in full, (iii) the date on which the Tax Increment District expires or is otherwise terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its terms; “TIF Act” means M.S., Sections 469.174 through 469.1794, as amended. “TIF District” means Lowry Grove Tax Increment Financing District, a redevelopment district, established by the City Council. “TIF Note” means the Tax Increment Revenue Note (SA Senior Living LLC) to be executed by the HRA and delivered to the Developer pursuant to Article 5 hereof, the form of which is attached hereto as Exhibit F. “TIF Plan” means the Tax Increment Financing Plan for the Lowry Grove Tax Increment Financing District approved by the City Council and HRA and adopted on March 23, 2021. “Unavoidable Delay” means a failure or delay in a party’s performance of its obligations under this Agreement, or during any cure period specified in this Agreement which does not entail the mere payment of money, not within the party’s reasonable control, including but not limited to acts of God, governmental agencies (including, without limitation Executive Orders and compliance with CDC guidelines in response to the COVID pandemic or other health crisis), the other party, strikes, labor disputes (except disputes which could be resolved by using union labor), fire or other casualty, or lack of materials; provided that within ten (10) days after a party impaired by the delay has knowledge of the delay it shall give the other party notice of the delay and the estimated length of the delay, and shall give the other party notice of the actual length of the delay within ten (10) days after the cause of the delay has ceased to exist. The parties shall pursue with reasonable diligence the avoidance and removal of any such delay. Unavoidable Delay shall not extend performance of any obligation unless the notices required in this definition are given as herein required. ARTICLE 2 Representations and Warranties HRA Representations. The HRA makes the following representations to the Developer: (a) The HRA is a public body corporate and politic organized and existing under the laws of the State. Under the provisions of the Act, the HRA has the power to enter into this Agreement and carry out its obligations hereunder. (b) The HRA has designated the Redevelopment District and has adopted the Redevelopment Plan in accordance with the provisions of the Act and has created the TIF District and adopted the TIF Plan in accordance with the provisions of the TIF Act. 4