2007-05-23 CC Set Agenda & Handouts

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B. The Commissioner of Finance, as a third party beneficiary of this Agreement, may. demand that the portion of the Grant already disbursed to the Public Entity be returned . to it, and upon such demand the Public Entity shall return such portion to the Commissioner of Finance. C. Either the State Entity or. the CommisSioner of Finance, as a third party beneficiary of this Agreement, may enforce any additional remedies they may have in law or equity. . The rights and remedies herein specified are cumulative and not exclusive of any rights or remedies that the State Entity or the Commissioner of Finance would otherwise possess. If the Public Entity does not repay any portion of the amount specified in Section 2.06.B within 30 days of demand by either the State Entity or the Commissioner of Finance, then such amount may, unless precluded by law, be taken from or off-set against any aids or other monies that-the Public Entity is entitled to receive fi:oni the State of Minnesota. Section 2.07 Notification of Event of Default. The Public Entity shall furnish to both the State Entity and the Commissioner of Finance, as soon as possible and in any event within 7 calendar days after it has obtained knowledge of the occurrence of each Event of Default or each event which with the giving of notice or lapse of time or both would constitute an Event of Default, a statement setting forth details of each Event of Default or event which with the giving of notice or upon the lapse of time or both would constitute an Event of Default and the action which the Public Entity proposes to take with respect thereto. Section 2.08 Termination/Modification of Grant. If the Project is not started on or before June 30, 2008, or such later date to which the drant Recipient and the State Entity may agree'in writing, then, the State Entity's obligation to fund the Grant shall termmate, and, in such event, (i) if none of the Grant has been disbursed by such date then the State Entity's obligation to fund any portion of the Grant shall terminate and this Agreement shall also terminate and no longer be of any force or effect, and (ll) if some but not all of the Grant has been disbursed by such date then the State shall have no further obligation to provide any additional funding for the Grant and this Agreement .shall remain in full force and effect but shall be modified and amended to reflect the amount of the Grant that was actually disbursed as of such date. In addition, if all of the Grant has not been disbursed on or before December 31,2010, or . such later date as the Public Entity and the State Entity may agree to in writing, then the State Entity's obligation to continue to fund the Grant shall terminate, and, in such event, (a) ifnone of the Grant has been disbursed by such date then the State Entity's obligation to fund any portion of the Grant shall terminate and this Agreement shall also terminate and no longer be of any forc~ or effect, and (b) if some but not all of the Grant has been disbursed by such date then the State Entity shall have no further obligation to provide any additional funding under the Grant and this Agreement shall remain if full force and effect but shall be modified and amended to reflect the amount of the Grant that was actually disbursed as of such date. This Agreement shall also terminate and no longer be of any force or effect upon (a) the termination of the Public Entity's leasehold or easement interest in the Real Property in Generic GO Bond Proceeds Grant Agreement for Construction Grants 9 RDGP-07-0004-0-FY07 Ver-1212006 (Gnrc GO GA-Cnstrctn Gmt)