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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> , <br /> C a Business Day, the Note Payment Date shall be the next <br /> succeeding Business Day; <br /> . <br /> Prime Rate means the rate of interest from time to time <br /> publicly announced by First Bank National Association in <br /> Minneapolis, Minnesota, as its "prime rate" or any successor <br /> rate, which rate shall change as and when that prime rate or <br /> successor rate changes; <br /> proiect means the approximately 59 unit multifamily elderly <br /> housing development to be located on the Development Property; <br /> Site Imorovements means those site improvements described on <br /> Exhibit D attached hereto; <br /> state means the state of Minnesota; <br /> Tax Increments means the tax increments derived from the Tax <br /> Increment District which have been received and retained by the <br /> City in accordance with the provisions of Minnesota statutes, <br /> Section 469.177; <br /> Tax Increment Act means Minnesota Statutes, Sections 469.174 <br /> through 469.179, as amended; <br /> Tax Increment District means Tax Increment Financing <br /> . District No. 1~8 located within the Development District, the <br /> legal description of which is set forth on Exhibit A attached <br /> hereto, which was qualified as a housing district under the Tax <br /> Increment Act; <br /> Tax Increment Financinq Plan means the tax increment <br /> financing plan approved for the Tax Increment District by the <br /> City Council on April 3, 1991; <br /> Tax Increment Note or Note means the Tax Increment Revenue <br /> Note of 1991 (Cottages of Cottage Grove Limited Partnership <br /> Project) to be executed by the city and delivered to the <br /> Developer pursuant to Article III hereof, a copy of which is <br /> attached hereto as Exhibit c. <br /> Unavoidable Delavs means delays, outside the control of the <br /> party claiming its occurrence, which are the direct result of <br /> strikes, other labor troubles, unusually severe or prolonged bad <br /> weather, acts of God, fire or other casualty to the Project, <br /> litigation commenced by third parties which, by injunction or <br /> other similar jUdicial action or by the exercise of reasonable <br /> discretion, directly results in delays, or acta ot any tederal, <br /> i <br /> . 18499 <br /> 3 <br /> ---- --.- <br />
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