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12. The Parties wish to enter into this Agreement to set forth the standards and criteria
for the development and construction of the Project.
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants herein
contained and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:
ARTICLE I
DEFINITIONS OF TERMS
When used in this Agreement with an initial capital letter or letters, each of the following
terms shall have the meaning given it below.
(a) "Affiliate" of Developer means any legal entity, which controls, is controlled by,
or is under common control with Developer.
(b) "Agreement" means this Development Agreement between EDA and Developer,
as the same may be amended from time to time in accordance with its terms.
( c) "Completed" or "Completion" or "Substantial Completion" means the date when
the construction of the Project is sufficiently completed so as to permit use of the Commercial
Facilities and the Residential Facilities for the purposes for which intended, as evidenced by a
final certificate(s) of occupancy issued by the City for each respective Component of the Project.
(d) "Component" means each portion of the Project identified on Exhibit Gas being a
separate portion of the Project for purposes of the reimbursement process described on Exhibit G.
( e) "Construction Contract" means that certain Design/Build Agreement between
Developer and Hunt Hampton Roads Design/Build II, LLC, a Virginia limited liability company.
(f) "Contractors" means Developer's general contractors and subcontractors for
construction of the Project.
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