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THIS GROUND LEASE, made on or as of the day of November, 2001, by and <br /> between ORONO HOUSING AND REDEVELOPMENT AUTHORITY, a public body <br /> corporate and politic and a governmental subdivision under Minnesota law, and ORONO <br /> SENIOR HOUSING,LLC("ORONO SENIOR HOUSING,LLC"),a Minnesota limited liability <br /> company. <br /> The Authority and Orono Senior Housing,LLC,in consideration of the covenants herein <br /> contained, hereby agree as follows: <br /> ARTICLE l <br /> DEFINITIONS <br /> 1.1 Definitions. In this Lease: <br /> "City" means the City of Orono, Minnesota. <br /> "Commencement Date" means that date upon which all of the parties hereto <br /> have executed this Lease. <br /> "Development" means the Development Property and the Improvements to be <br /> constructed pursuant to the Development Agreement. <br /> "Development Agreement" means the Development Agreement dated as of <br /> November_, 2001 between the City, the Landlord and the Tenant. <br /> "Development Property" means the real property that is the subject of the <br /> Development Agreement, which is legally described in Exhibit A. <br /> "Event of Default" means any one or more of the events listed under <br /> Section 10.2 of this Lease. <br /> "Financing Documents" means any of the following documents to be executed <br /> and delivered in connection with the issuance and sale of the Housing Bonds <br /> and the Subordinate Housing Note: <br /> "Holder" means the holder of any Mortgage. <br /> "Improvements" means the 62-unit senior housing apartment building to be <br /> constructed by Tenant upon and within the Development Property pursuant to <br /> the Development Agreement. <br /> "Landlord" means the Authority, its successors and assigns. <br /> -1- <br />