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I 2. Definitions As used in this Agreement, the following words or phrases shall have the following meanmgs: 2.1 "Act of Default or Default" means failure to timely, fully, and completely comply with one or more requirements, obligations, duties, terms, conditions or warranties, as stated in this Agreement. City may accept substantial compliance in lieu of full compliance by waiving such act of default. 2.2 "Ad Valorem Tax Base Line Year" means the year 2007. 2.3 "Ad Valorem Tax Effective Date" means January I st of the first calendar year following the date of Initial Completion. 2.4 "Ad Valorem Tax Revenues" means the amount of property taxes collected by the City on the Property, including any improvements, a portion of which will be repaid to Owner in the form of Chapter 380 Payments, as defined below. 2.5 "Assessed Taxable Value" means ad valorem tax values set annually by the Hays County I Appraisal District for real property and improvements on the Property and does not include on-site business personal property. I 2.6 "Certificate of Occupancy" shall mean that final document issued by the City of San Marcos, Texas, entitled "Certificate of Occupancy", indicating that all applicable codes, regulations, and ordinances enforced by the City of San Marcos have been unconditionally, fully and completely complied with in all respects. A Certificate of Occupancy shall not include a certificate issued in error, mistake or misrepresentation of facts, nor any temporary or conditional document authorizing temporary or conditional occupancy. 2.7 "Chapter 380 Payment(s)" means the amount(s) paid by the City to the Owner under this Agreement. 2.8 "City of San Marcos or City" means the governing municipal corporation, and the area that is within the city limits ofthe City of San Marcos. 2.9 "Code" means the San Marcos Code of Ordinances in effect as of the Effective Date. 2.10 "Designated Successors and Assigns" shall mean (i) an entity to which Owner assigns (in writing) its rights and obligations contained in this Agreement pursuant to Section 12.4.. Except as provided below, the Owner may not assign all or part of its rights and obligations under this Agreement to a third party without prior written approval of the City, I which approval will not be unreasonably withheld or delayed. The City agrees, however, that the 2