05.02 - HRA West Grove Townhome Refunding

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"Payment Obligation" shall have the meaning given such term under Section 3.8. "Project" means the eight unit rental residential development project intended for seniors to be constructed and owned by the City HRA on the Project Site, and all related improvements, as more fully described on Exhibit B. "Project Site" means the real property owned by the City HR.A upon which the Project will be constructed, a legal description of which property is attached as Exhibit A to this Agreement. "Project Revenues" means (i) all revenues and receipts derived by the City HRA or the County HRA from the operation of the Project including tenant rentals and all other moneys as may be paid to or on behalf of the City HRA or County HR.A or to which the City HRA or County HR.A may be entitled with respect to the Project (excluding security deposits), (ii) all proceeds from use and occupancy insurance and rental loss insurance, and (iii) investment earnings on the foregoing and on the Special Funds except as otherwise directed in the Financing Documents. Project Revenues shall not include Extraordinary Revenues received by the County HRA from pursuing its remedies for certain Events of Default, as such terms are defined in the Financing Documents. "Revenues" means the (i) Project Revenues and (ii) the City HRA's Special Benefits Tax. "Special Benefits Tax" means the special benefits tax authorized by the City HRA or County HRA, as the case may be, pursuant to resolutions passed by the City Council and the _.. County Board of Commissioners, respectively, authorizing the use of the special benefits tax, to the extent required and pledged under the Indenture, until the Maturity Date. "State" means the State of Minnesota. "Trustee" means established, existing and St. Paul, Minnesota. � EMT-238666v5 CR195-4 U.S. Bank National Association, a national banking association duly authorized to accept and execute trusts, with its principal office in � '"1 "1