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Development Propert y means the real property legally described in Exhibit A attached to <br /> this Agreement; <br /> Event of Default means any of the events described in Section 4.1 hereof, <br /> Guaranty means the Guaranty executed by Brandon Andersen and by the Operating <br /> Entity, dated as of August_, 2007; <br /> Legal and Administrative Expenses means the fees or expenses incurred by the City in <br /> connection with the preparation of this Agreement and the establishment of the Tax Increment <br /> District and costs of recording the Assessment Agreement; <br /> Operating Entity means Lonesome Cottage Furniture Company, its successors and <br /> assigns; <br /> Person means any individual, corporation, partnership, joint venture, association, joint <br /> stock company, trust, unincorporated organization, or government or any agency or political <br /> subdivision thereof; <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 "prime rate" or "reference rate" or any <br /> successor rate,which rate shall change as and when that rate or successor rate changes; <br /> Promissory Note means the Note dated as of August_, 2007 from the Developer to the <br /> City evidencing the Developer's obligations under the Purchase Agreement; <br /> Project means the construction of an approximately 27,200 square foot manufacturing <br /> facility to be constructed on the Development Property; <br /> Purchase Agreement means the Purchase Agreement dated as of July _, 2007 by and <br /> between the Developer and the City regarding conveyance and financing of the Development <br /> Property; <br /> State means the State of Minnesota; <br /> Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1799, as <br /> amended; <br /> Tax Increment District means Tax Increment Financing District No. 1-13, located within <br /> the Development District, which was qualified as a redevelopment district under the Tax <br /> Increment Act; <br /> Tax Increment Financing Plan means the tax increment financing plan approved for the <br /> Tax Increment District by the City Council; <br /> Tax Increment Note means the Tax Increment Revenue Note (Lonesome Cottage <br /> Furniture Company Project) to be executed by the City and delivered to the Developer pursuant <br /> to Article III hereof, a copy of which is attached hereto as Exhibit B; <br /> 2055837v2 3 <br />