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ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Act" means the Municipal Development Districts Act, Minnesota Statutes, Sections 472A.01 et seq., as amended. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Assessed Market Value" or "Assessed Market Valuation" means the market value of real property as determined by the county assessor of the County in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by any assessor, board of equal17,.cion, commissioner of revenue, or any court). "Assessment Agreement" means the agreement, in the form of the agreement contained in Schedule E attached to and made a part of this Agreement, among the Redeveloper, the City, and the assessor for the County, entered into pursuant to Section 6.3 of this Agreement. "Bonds" means the tax increment general obligation bonds in an amount not to exceed $400,000.00 to be issued by the City, or other bonds issued by the City, to finance the City's activities under this Agreement. The term 'Bonds" shall also include any bonds or obligations issued to refund any Bonds. "City" means the City of Roseville, Minnesota. "County" means the County of Ramsey, Minnesota. "Development District" means the development district created by the City to include the Redevelopment Property and certain other real property within the City. "Event of Default" means an action or inaction by the Redeveloper or City described in Section 7.1 of this Agreement. "Maturity Date" means the date when the principal of, premium (if any), and interest on the Bonds are paid in full. "Minimum Improvements" means a 60-unit elderly condominium housing development and related parking which is to be constructed by the Redeveloper on the Redevelopment Property, in accordance with Preliminary Plans approved by the City Council of the City. "Minnesota Environmental Policy Act" means the statutes located at Min- nesota Statutes, Sections 116D.01 et seq., as amended. 3