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ARTICLE I <br /> <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 />Assessment Agreement means the agreement, in substantially the form of the agreement <br />contained in Exhibit B attached hereto and hereby made a part of this Agreement, among the <br />Developer, the City and the Assessor for the County, entered into pursuant to Article III of this <br />Agreement; <br />Assessor's Minimum Market Value means the agreed minimum market value of the <br />Development Property and Project and for calculation of real property taxes as determined by the <br />Assessor for the County pursuant to the Assessment Agreement; <br />City means the City of Ramsey, Minnesota; <br />County means Anoka County, Minnesota; <br />Developer means Ramsey Hotel Group LLC, a Minnesota limited liability company, its <br />successors and assigns; <br />Development District means Development District No. 1, including the real property <br />described in the Development Program; <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 />Interfund Loan means the interfund loan in the amount of $311,020 with interest at a rate <br />of 5.00% per annum authorized by the City's Interfund Loan Resolution adopted on ________, <br />2020; <br />Legal and Administrative Expenses means the fees or expenses incurred by the City in <br />connection with the establishment of the Tax Increment District and the preparation of this <br />Agreement; <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 "reference rate" or any successor rate, which <br />rate shall change as and when that prime rate or successor rate changes; <br />2 <br />12472188v2 <br /> <br />