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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 />SENIORHOUSING, LLC ("ORONO SENIORHOUSING, LLC'), aMinnesota 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 1 <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 />