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2701692v5
<br />01 /19 /11
<br />"City Loan Agreement" means this City Loan Agreement as the same may hereafter be
<br />amended, modified, extended or restated from time to time.
<br />"City Note" means that certain Promissory Note bearing even date herewith made
<br />payable by Developer to the order of City in the original principal amount of up to $1,420,000.00,
<br />and all amendments, modifications, replacements, renewals and substitutions therefor.
<br />"Completion" or "Completed" means that (a) the Minimum Improvements are completed
<br />in accordance with the Final Construction Plans; (b) the City has issued the Certificate of
<br />Completion described in Section 5.5 of the Development Agreement; and (c) no Default or Event
<br />of Default has occurred and is continuing.
<br />"Completion Date" means the earlier of (a) the date Developer's construction of the
<br />Minimum Improvements is Completed; or (b) December 31, 2012; provided, however, if a
<br />Developer's completion of construction of the Minimum Improvements is delayed as a result of
<br />an "Unavoidable Delay," as defined in the Development Agreement, the Developer gives the City
<br />notice of the Unavoidable Delay within thirty (30) days after the onset of the Unavoidable Delay
<br />and the Developer uses all commercially reasonable efforts to complete the construction of the
<br />Minimum Improvements as promptly as reasonably possible given the conditions causing the
<br />Unavoidable Delay, the Completion Date, as defined herein, will extend for a period of time
<br />equal to the duration of the condition causing the Unavoidable Delay plus a reasonable time for
<br />recovery and restoration following the cessation of such condition.
<br />"Construction Cost Statement" means the Sworn Construction Cost Statement referred to
<br />in Section 2.3 hereof executed or to be executed by the Developer and the General Contractor.
<br />"Construction Contract" means that certain agreement dated , 2011 between
<br />the Developer and the General Contractor.
<br />"Contractor" means any Person including, without limitation, the General Contractor, that
<br />has a contract or subcontract under which payment may be required for any work done, materials
<br />supplied, or services furnished in connection with the design, construction and/or completion of
<br />the Minimum Improvements.
<br />"Default" means any Event of Default or the occurrence of any event which, with the
<br />giving of notice or the lapse of any applicable grace period, or both, would be an Event of
<br />Default.
<br />"Development Agreement" means that certain Development Agreement by and between
<br />the Developer and the City dated as of , 2010.
<br />"Development Property" means Lot 3, Block 1, COR ONE, Anoka County, Minnesota
<br />and all improvements constructed thereon.
<br />"Draw Request" means a Draw Request and Draw Request Certification in the form of
<br />Exhibit A hereto.
<br />"Environmental Laws" shall mean, collectively, all applicable federal, state, local and
<br />foreign laws, common law or regulations, treaties, orders, decrees, permits, licenses,
<br />authorizations, judgments or injunctions issued, promulgated, approved or entered thereunder,
<br />now or hereafter in effect m each case relating to pollution or protection of individual, public or
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