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ir'-' <br />rnnr rarrnr! Each Contractor, subcontractor or material <br />supplier, to be selected by the City, providing services or <br />materials or both for the acquisition and construction of the <br />Project. <br />ro^t or PrnTffcr CostS! All Capital costs incurred by <br />the City for the acquisition, construction and installation of the <br />Project as specified in Section 4.03 of the Trust Indenture. <br />Fij^eal Year! Each twelve-month fiscal period of the <br />City commencing on January 1 of any year and ending on December 31 <br />of said year. <br />Independent Counsel: An attorney duly admitted to the <br />practice of law before the highest court of tne State of Minnesota <br />who is not a full-time e.mployee of Authority, City or an assignee <br />thereof. <br />Interest: The portion of each Lease-Purchase Payment <br />designated as interest in the attached Exhibit B. <br />Land; The real estate described on Exhibit A hereto, <br />upon which the Project is to be located. <br />Lease: This Lease-Purchase Contract, and any duly <br />authorized and executed amendment hereto. <br />Lease-Purchase Payment: Any payment due from the City <br />to the Authority under Section 6.1 of this Lease. <br />Net Proceeds; Any insurance proceeds or conde.mnation <br />award paid with respect to the Project, remaining after payment <br />therefrom of all expenses incurred in the collection thereof. <br />Payment Date! The date upon which any Lease-Purchase <br />Payment is due and payable as provided in the attached Exhibit C. <br />Permitted Encumbrances; As Of any particular time: (i) <br />liens for taxes and assessments not then delinquent, or which the <br />City may, pursuant to provisions of Article VII hereof, permit to <br />remain unpaid, (ii) this Lease and the Trust Indenture, (iii) any <br />mechanic’s, laborer's, materialmen's, supplier's or vendor's lien <br />or right not filed or perfected in the manner prescribed by law, <br />(iv) si.ch minor defects, irregularities, encumbrances, easements, <br />rights-of way and clouds on title as normally exist with respect <br />to properties similar in character to the Land and do not, in the <br />opinion of Independent Counsel, materially impair the property <br />affected thereby for the purpose for which it was intended; or (v) <br />easements, restrictions or encumbrances, if any, shown on Exhibit <br />A hereto. <br />1-2