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THIS GROUND LEASE, made on or as of the 30th day of November, 2001, by and between ORONO HOUSING AND REDEVELOPMENT AUTHORITY, a body corporate and politic and a governmental subdivision under Minnesota law, and ORONO SENIOR HOUSING, LLC ("ORONO SENIOR HOUSING, LLC"), a Minnesota limited liability company. The Authority and Orono Senior Housing, LLC, in consideration of the covenants herein contained, hereby agree as follows: ARTICLE 1 DEFINITIONS 1.1 Definitions. In this Lease: "City" means the City of Orono, Minnesota. "Commencement Date" means that date upon which all of the parties hereto have executed this Lease. "Development" means the Development Property and the Improvements to be constructed pursuant to the Development Agreement. "Development Agreement" means the Development Agreement dated as of November 30, 2001 between the City, the Landlord and the Tenant. "Development Property" means the real property that is the subject of the Development Agreement, which is legally described in Exhibit A. "Event of Default" means any one or more of the events listed under Section 10.2 of this Lease. "Financing Documents" means any of the following documents to be executed and delivered in connection with the issuance and sale of the Housing Bonds and the Subordinate Housing Note: Indenture of Trust dated as of November 1, 2001 between the City and U.S. Bank Trust National Association, Loan Agreement dated as of November 1, 2001 between the Developer and the City, Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents and Subordinate Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents from the Developer to the City and Bond Purchase Agreement between the City, the Developer and the Purchaser of the Housing Bonds and Subordinate Bonds. "Holder" means the holder of any Mortgage. -3-