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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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      "text": "Lessee: Target Corp; Lessor: TIP REIT; Leased Property: Land in fee under stores and distribution centers; Term: 75-year term; Rate: Flat dollar amounts per year with annual increases; Financial Covenants: None; Preferred Vendor Agreement: For the first 2 years post-Transaction, TIP REIT will be Target Corp’s exclusive land developer; Thereafter, TIP REIT will become Target Corp’s preferred vendor for future land procurement / development needs; Maintenance of Buildings: Target Corp will have the right to re-model or tear down and rebuild stores as it sees fit; Sublease: Target Corp may sublease one or more sites but no sublease would release Target Corp from its obligations under the lease; Lease Structure: The lease is intended to be treated as a lease for tax purposes; lessor will be treated as the owner; Note: The lease is assumed to be treated as an operating lease for accounting purposes",
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      "text": "Illustrative Master Lease Term Sheet",
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