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6 <br />NOW, THEREFORE, in consideration of the mutual covenants and obligations of the <br />City and the Developer, each party does hereby iepresent, covenant and agree with the other as <br />follows <br />ARTICLE 1 <br />DEFINITIONS, EXHIBITS, RULES OF INTERPRETATION <br />Section 1 1 Definitions In this Agreement, the following terms have the following <br />respective meanings unless the context hereof clearly requires otherwise <br />(a) Benefit Date The date of the building permit issued by the city for the <br />redevelopment of the property <br />(b) Certificate of Completion A certificate in the form of Exhibit E to this <br />agreement to be issued by the City to the Developer upon substantial completion <br />of the Minimum Improvements <br />(c) City The City of Ramsey, Anoka County, Minnesota <br />(d) Closing Date October 31, 2003 or such earlier date on which the parties may <br />agree <br />(e) <br />Construction Plans Collectively, the plans, drawings, and related documents <br />described in Exhibit B to this agreement <br />(f) Council The City Council of the City of Ramsey. <br />(g) <br />Developer BASALT PROPERTIES, LLC, a Minnesota Limited Liability <br />Company. <br />(h) Development Property The property legally described in Exhibit A hereto <br />(1) <br />Development District ("District") Development District No 1, created by the <br />City pursuant to M S § 469.124 through § 469 134 and described in the Program <br />adopted therefore <br />(j) Development District Program ("Program") The plan for development of the <br />District adopted by the City pursuant to M S §469 124 through §469 134 <br />(k) Holder. The owner of a Mortgage <br />(1) Market Value The market value of the Development Property and the Minimum <br />Improvements as determined by the County Assessor in accordance with M S <br />§273 11 (or as finally adjusted by an assessor, board of equalization, <br />commissioner of revenue, or any court) <br />2 <br />