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20041`247 "Commencement Date" shall mean the date on which the City receives from Heartland written notification of satisfaction of conditions stated in Paragraph 3. below. "Construction Fund" shall mean the construction and acquisition fund created pursuant to the Building Bond Indenture to be maintained by the Trustee and into which certain of the proceeds of the sale of the Building Bonds shall be deposited to be disbursed for payments due for costs related to the Project. "Debt Service Reserve Fund" shall mean the debt service reserve fund created pursuant to the Building Bond Indenture to be maintained by the Trustee and into which certain of the proceeds of the Building Bonds shall be deposited to be held as a reserve to assure the timely payment of principal and interest on the Building Bonds as the same fall due. "Declaration" shall mean that Declaration governing the Site to be executed and deliv- ered by Hall County Livestock Improvement Association, a Nebraska nonprofit corpora- tion ( "Fonner Park ") (the name record owner of tract that will be subject to Declaration) in accordance with Neb. Rev. Stat., $ §76 -825 to 76 -894, as amended, which shall, among other things, specify the unit of real estate constituting the Project based upon the Plans and Specifications and the rights and easements for the benefit of such unit. "Plans and Specifications" shall mean the plans and specifications for the Project, which may include work for units under the Declaration other than the unit constituting the Project so long as costs for the unit can be separately identified and certified for payment. The Project shall consist of a new building, connecting structures, additions, improve- ments and fixtures for a multi - purpose agricultural exposition and events center to be lo- cated on the Site and abutting the existing Fonner Park facilities. The new structure for the Project shall include a building area of approximately 77,000 square feet and arena seating that will accommodate approximately 7,500 persons. A preliminary diagram showing the basic features for the Project, for illustration purposes, is attached hereto as Exhibit A and made a part hereof by reference. "Other Funding Sources" shall mean funds to be obtained for payment of costs of the Project in the form of contributions raised and paid to Heartland, grants for which grant agreements have been entered into and any other contractual commitments for funding acceptable to the City, none of which shall result in any encumbrance upon the Project which cannot be cancelled in the event that the City exercises its prepayment rights under this Agreement and directs the satisfaction of the Building Bonds under the terms of the Indenture. "Project" shall mean that unit allocated to this Agreement under the Declaration which shall constitute an agricultural exposition and events center for public performances, sporting events and other public meetings and events, which is the subject to this Agree- ment, including rights with respect to areas subject to the permanent easement as referred to herein, as well as the fixtures and appurtenances included as part of such unit. The terms of the Declaration shall be approved by Heartland prior to its recording and the 2