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ARTICLE I <br />DEFINITIONS <br />Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br />Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />City means the City of Ramsey, Minnesota, its successors and assigns; <br />County means Anoka County, Minnesota; <br />Develoner means PSD, LLC, a Minnesota limited liability company, its successors and <br />assigns; <br />Development District means the real property included in Development District No. 1 <br />heretofore established; <br />Development Program means the Development Program approved in connection with the <br />Development District; <br />Development Property means the real property described in Exhibit A attached to this <br />Agreement; <br />Event of Default means any of the events described in Section 4.1 hereof; <br />Note Payment Date means August 1, 2019, and each February 1 and August 1 of each year <br />thereafter to and including February 1, 2028; provided, that if any such Note Payment Date should <br />not be a Business Day, the Note Payment Date shall be the next succeeding Business Day; <br />Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank <br />National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any successor <br />rate, which rate shall change as and when that rate or successor rate changes; <br />Project means the construction of an approximately 60,000 square foot, high quality, <br />industrial building with 24 foot clear heights facing Highway 10 on the Development Property <br />located in the City. The building shall include enhanced architectural features such as color <br />variations and raised parapet walls to denote building entrances, as well as glass curtain wall <br />accents, or similar feature visible from Highway 10; <br />Site Improvements means the site improvements undertaken or to be undertaken on the <br />Development Property, more particularly described on Exhibit C attached hereto; <br />2 <br />8328812v2 <br />