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<br />Generic GO Bond Proceeds 21 Ver – 10/26/2020 <br />Grant Agreement for Construction Grants <br /> <br />the Public Entity does not renew a Use Contract if requested by the Counterparty. If agreed to by the <br />Public Entity, such reimbursement shall be on terms and conditions agreed to by the Public Entity <br />and the Counterparty. <br /> <br />Section 3.04 Receipt of Monies Under a Use Contract. The Public Entity does not <br />anticipate the receipt of any funds under a Use Contract, provided, however, if the Public Entity does <br />receive any monies under a Use Contract in excess of the amount the Public Entity needs and is <br />authorized to use to pay the operating expenses of the portion of the Real Property and, if applicable, <br />Facility that is the subject of a Use Contract, and to pay the principal, interest, redemption premiums, <br />and other expenses on Approved Debt, then a portion of such excess monies must be paid by the <br />Public Entity to the Commissioner of MMB. The portion of such excess monies that the Public Entity <br />must and shall pay to the Commissioner of MMB shall be determined by the Commissioner of MMB, <br />and absent circumstances which would indicate otherwise such portion shall be determined by <br />multiplying such excess monies by a fraction the numerator of which is the G.O. Grant and the <br />denominator of which is sum of the G.O. Grant and the Approved Debt. <br /> <br />Article IV <br />SALE <br /> <br />Section 4.01 Sale. The Public Entity shall not sell any part of its ownership interest in the <br />Real Property and, if applicable, Facility unless all of the following provisions have been complied <br />with fully. <br /> <br />A. The Public Entity determines, by official action, that such ownership interest is no <br />longer usable or needed for the operation of the Governmental Program, which such <br />determination may be based on a determination that the portion of the Real Property or, if <br />applicable, Facility to which such ownership interest applies is no longer suitable or financially <br />feasible for such purpose. <br /> <br />B. The sale is made as authorized by law. <br /> <br />C. The sale is for Fair Market Value. <br /> <br />D. The written consent of the Commissioner of MMB has been obtained. <br /> <br />The acquisition of the Public Entity’s ownership interest in the Real Property and, if <br />applicable, Facility at a foreclosure sale, by acceptance of a deed-in-lieu of foreclosure, or <br />enforcement of a security interest in personal property used in the operation thereof, by a lender <br />that has provided monies for the acquisition of the Public Entity’s ownership interest in or <br />betterment of the Real Property and, if applicable, Facility shall not be considered a sale for the <br />purposes of this Agreement if after such acquisition the lender operates such portion of the Real <br />Property and, if applicable, Facility in a manner which is not inconsistent with the requirements <br />imposed under Section 2.04 and the lender uses its best efforts to sell such acquired interest to <br />a third party for Fair Market Value. The lender’s ultimate sale or disposition of the acquired <br />interest in the Real Property and, if applicable, Facility shall be deemed to be a sale for the