4.5. SR 07-09-2012 - Laserfiche WebLink

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B. The remaining portion, after the distribution specified in Section 4.02.A, shall be distributed to (i) pay in full any outstanding Approved Debt, (ii) reimburse the Public Entity for its Ownership Value, and (iii) to pay interested public and private entities, other than any such entity that has already received the full amount of its contribution (such as DEED under Section 4.02.A and the holders of Approved Debt paid under this Section 4.02.B), the amount of money that such entity contributed to the Initial Acquisition and Betterment Costs and the Subsequent Betterment Costs. If such remainng portion is not sufficient to reimburse interested public and private entities for the full amount that such entities contributed to the acquisition or betterment of the Real Property and, if applicable, Facility, then the amount available shall be distributed as such entities may agree in writing, and if such entities cannot agree by an appropriately issued court order. C. The remainng portion, after the distributions specified in Sections 4.02.A and B, shall be divided and distributed to DEED, the Public Entity, and any other public and private entity that contributed funds to the hiitial Acquisition and Betterment Costs and the Subsequent Betterment Costs, other than lenders who supplied any of such funds, in proportion to the contributions that DEED, the Public Entity, and such other public and private entities made to the acquisition and betterment of the Real Property and, if applicable, Facility as such amounts are part of the Ownership Value, hiitial Acquisition and Betterment Costs, and Subsequent Betterment Costs. The distribution to DEED shall be made to the Commissioner of NIMB, and the Public Entity may direct its distribution to be made to any other entity including, but not limited tq a Counterparty. All amounts to be disbursed under this Section 4.02 must be consented tq in writing, by the Commissioner of M1VIB, and no such disbursements shall be made without such consent. The Public Entity shall not be required to pay or reimburse DEED or the Commissioner of MMB for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Outstanding Balance of the Program Grant. Article V COMPLIANCE WITH G.O. COMPLIANCE LEGISLATION AND THE COMMISSIONER'S ORDER Section 5.01 State Bond Financed Property. The Public Entity and DEED acknowledge and agree that the Public Entity's ownership interest in the Real Property and, if applicable, Facility is, or when acquired by the Public Entity will be, "state bond financed property", as such term is used in the G.O. Compliance Legislation and the Commissioner's Order, and, therefore, the provisions contained in such statute and order apply, or will apply, to the Public Entity's ownership interest in the Real Property and, if applicable, Facility and any Use Contracts relating thereto. Section 5.02 Preservation of Tax Exempt Status. lil order to preserve the tax-exempt status of the G.O. Bonds, the Public Entity agrees as follows: DEED Greater MN Business Development Public Infrastructure Program I9 Ver- 2/16/10 Grant Agreement for Construction Grants (DEED GO GA- Cnstrctn Grnt)