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Agreement means this Tax Abatement Agreement, as the same may be from time to time <br />modified, amended or supplemented as provided by the terms of this Agreement; <br />Benefit Date means the earlier of the date the Developer completes or the Tenant <br />occupies the Project; <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 />Cily means the City of Pequot Lakes, Minnesota; <br />County means Crow Wing County, Minnesota; <br />CUP Development Agreement means the Conditional Use Permit Development <br />Agreement regarding the Abatement Property and the Project to be entered into between the City <br />and Oppidan, Inc. pursuant the Meets and Bounds Subdivision and in accordance with the <br />Conditional Use Permit; <br />Developer means Oppidan, Incorporated, its successors and assigns; <br />Event of Default means any of the events described in Section 4.1; <br />Lender means a bank or other provider of a Construction Loan and/or Permanent Loan; <br />Note Payment Date means August 1, 2012, and each February 1 and August 1 of each <br />year thereafter to and including February 1, 2025; provided, that if any such Note Payment Date <br />should not be a Business Day, the Note Payment Date shall be the next succeeding Business <br />Day; <br />Person means any individual, corporation, partnership, joint venture, limited liability <br />company or partnership, association, trust, unincorporated organization, or government, or any <br />agency or political subdivision thereof; <br />Plans and Specifications means the Plans and Specifications for the construction of <br />Project approved by the City; <br />Project means the construction by the Developer of an approximately 33,000 square foot <br />grocery store and commercial facility, potential gas island and associated parking in accordance <br />with the Plans and Specifications to be located on Highway 371 in the City; <br />Reimbursable Costs means demolition costs and infrastructure expenses for the Project <br />including but not limited to the infrastructure as set forth in the CUP Development Agreement, <br />forcemain, lift station, fencing and fence relocation, modifications to adjoining property to <br />accommodate a roadway connection to Olson Street, expenses incurred in obtaining necessary <br />easements, on site roadways, sidewalks, curbs and gutters, and infrastructure required by the <br />Minnesota Department of Transportation; <br />2410553v3 2 <br />