Laserfiche WebLink
<br />ARTICLE I <br />DEFINITIONS. EXHIBITS. RULES OF INTERPRETATION <br /> <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 /> <br />(a) Certificate of Completion. A certificate in the form of Exhibit E to this agreement to <br />be issued by the City to the Developer upon substantia! completion of the minimum improvements. <br /> <br />(b) Q.tt.. The City of Ramsey, Anoka County, Minnesota. <br /> <br />(c) Construction Plans. Collectively, the plans, drawings, and related documents <br />described in Exhibit B to this agreement. <br /> <br />(d) Developer. First State Bank of Isanti, a Minnesota Corporation. <br /> <br />(e) DevelQpment Property. The property legally described in Exhibit A hereto. <br /> <br />(f) Development District ("District"). Development District No.1, created by the City <br />pursuant to Minnesota Statutes, ~469.124 through ~469.134 and described in the Program adopted <br />therefore. <br /> <br />(g) Development District Program ("Pro!ITam"). The plan for development of the <br />District adopted by the City pursuant to Minnesota Statutes, ~469.124 through ~469.134. <br /> <br />(h) Holder. The owner of a Mortgage. <br /> <br />(i) Market Value. The market value of the Development Property as determined by the <br />County Assessor in accordance with Minnesota Statutes, ~273.11 (or as fmally adjusted by an <br />assessor, board of equalization, commissioner of revenue, or any court). <br /> <br />(j) Maturity Date. The expiration of Development District No. 1. <br /> <br />(k) Minimum Improvements. The construction of a bank facility and rehabilitation of <br />the School House Number 28 to be completed by Developer in accordance with the Construction <br />Plans. <br /> <br />0) Minimum Improvement Plans. Collectively, the plans, drawings and related <br />documents described in Exhibit C of this agreement. <br /> <br />(m) Minimum Market Value. The minimum market value for the development property <br />as set forth in Section 6.1 hereof. <br /> <br />(n) Mortgage. The mortgage references in Article VII of this Agreement and any deed <br />of trust or other fmancing instrument creating an encumbrance or lien upon the Development <br />Property or any part thereof, as security for a loan or other fmancing instrument. <br /> <br />(0) Site Improvements. Collectively, the site preparation and other improvements to be <br />constructed by the City on, or adjacent to, the Development Property as identified in Exhibit A, <br />pursuant to the Site Improvement Plans. <br /> <br />(p) Tax Increment. The tax increments produced by increases in the valuation of <br />property in the TIP District. <br /> <br />Page 3 <br />