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ARTICLE 1. <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 /> Acquisition Mortgage means the Mortgage dated as of August _, 2007 from the <br /> Developer to the City securing the Developer's obligations under the Purchase Agreement and <br /> the Promissory Note; <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 the form of the agreement contained in <br /> Exhibit C attached hereto and made a part of this Agreement, between the Developer and the <br /> City and including the attached certification by the Assessor for the County, entered into <br /> pursuant to Article VI of this Agreement; <br /> Assessor's Minimum Market Value means the agreed minimum market value of the <br /> Development Property and the Minimum Improvements for calculation of real property taxes as <br /> determined by the assessor for the County of$1,369,600 as of January 2, 2008 and as further set <br /> forth in the Assessment Agreement; <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 /> Construction Mortgage means any mortgage or security agreement in which the <br /> Developer or a predecessor in interest has granted a mortgage or other security interest in the <br /> Development Property, or any portion or parcel thereof, or any improvements constructed <br /> thereon to secure any loan made pursuant to either a mortgage commitment obtained by the <br /> Developer from a governmental agency, commercial lender or other financial institution to fund <br /> any portion of the construction costs and initial operating capital requirements of the Project, or <br /> all such Mortgages as appropriate; <br /> City means the City of Pequot Lakes, Minnesota; <br /> County means Crow Wing County, Minnesota; <br /> Developer means Lonesome Real Estate, LLC its successors and assigns; <br /> Development District means the real property described in the Development Program for <br /> Development District No. 1; <br /> Development Program means the development program approved in connection with the <br /> Development District; <br /> 2055837v2 2 <br />