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K. The Project will be completed in frill compliance with all applicable laws,
<br />statutes, rules, ordinances, and regL~lations issued by any federal, state, or local political
<br />subdivisions having jurisdiction over the Project.
<br />L. All applicable licenses, permits and bonds required for the performance and
<br />completion of the Project have been, or will be, obtained.
<br />M. All applicable licenses, permits and bonds required for the operation of the Real
<br />Property and, if applicable, Facility in the mamler specified in Section 2.04 have been, or
<br />will be, obtained.
<br />N. It will operate, maintain, and manage the Real Property and, if applicable,
<br />Facility or cause the Real Property and, if applicable, Facility, to be operated, maintained
<br />and managed in compliance with all applicable laws, statutes, rules, ordinances, and
<br />regulations issued by any federal, state, or local political subdivisions having jurisdiction
<br />over the Real Property and, if applicable, Facility.
<br />O. It will fully enforce the terms and conditions contained in any Use Contract.
<br />P. It has complied with the matching funds requirement, if any, contained in
<br />Section 7.23.
<br />Q. It will not, without the prior written consent of DEED and the Commissioner of
<br />NIMB, allow any voluntary lien or encumbrance or involuntary lien or encumbrance that
<br />can be satisfied by the payment of monies and which is not being actively contested to be
<br />created or exist against the Public Entity's ownership interest in the Real Property or, if
<br />applicable, Facility, or the Counterparty's interest in the Use Contract, whether such lien or
<br />encumbrance is superior or subordinate to the Declaration. Provided, however, DEED and
<br />the Commissioner of MMB will consent to any such lien or encumbrance that secures the
<br />repayment of a loan the repayment of which will not impair or burden the funds needed to
<br />operate the Real Property and, if applicable, Facility in the maiuler specified in Section
<br />2.04, and for which the entire amount is used (i) to acquire additional real estate that is
<br />needed to so operate the Real Property and, if applicable, Facility in accordance with the
<br />requirements imposed tinder Section 2.04 and will be included in and as part of the Public
<br />Entity's ownership interest in the Real Property and, if applicable, Facility, and/or (ii) to
<br />pay for capital improvements that are needed to so operate the Real Property and, if
<br />applicable, Facility in accordance with the requirements imposed under Section 2.04.
<br />R It reasonably expects to possess the ownership interest in the Real Property and,
<br />if applicable, Facility described Section 2.02 for the entire Useful Life of the Real Property
<br />and, if applicable, Facility, and it does not expect to sell such ownership interest.
<br />S. It does not reasonably expect to receive payments under a Use Contract in
<br />excess of the amount the Public Entity needs and is authorized to use to pay the operating
<br />expenses of the portion of the Real Property and, if applicable, Facility that is the subject of
<br />the Use Contract or to pay the principal, interest, redemption premiums, and other expenses
<br />on any Approved Debt.
<br />DEED Greater MN Business Development Public Infrastructure Program 9 Ver- 2/16/10
<br />Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt)
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