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<br />. Section 3.03 Sale. The Public Entity shall not sell its interest in the Real Property or, if <br />applicable, the Facility unless all of the following provisions have been complied with :ful,ly. <br /> <br />A. The Public Entity determines, by official action, ,that it is no longer usable or <br />needed as public infrastructure. <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 Finance has been obtained. <br /> <br />The acquisition of the Public Entity's interest in the Real Property and, if applicable, the <br />Facility at a foreclosure sale, by acceptance of a deed-in-lieu of foreclosure, or enforcement of a <br />security interest in personal property used in the operation of thereof, by a lender that has <br />provided monies for the acquisition of the Public Entity's interest in or betterment of the Real <br />Property and, if applicable, the Facility shall not be considered a sale for the purposes of this <br />Agreement if after such acquisition the lender operates the Real Property and, if applicable, the <br />Facility in a manner which is not inconsistent with the program specified in Section 2.03 and the <br />lender uses its best efforts to sell such acquired interest to a third party for Fair Market Value. <br />The lender's ultimate sale or disposition of the acquired interest in the Real, PrOp~ and, if <br />applicable, the Facility shall be deemed to be a sale for the purposes of this Agreement, and the <br />proceeds thereof shall be disbursed in accordance wi~ the provisions contained in Section 3.04. <br /> <br />Section 3.04 Proceeds of a Sale. Upon the sale of the Public Entity's interest in the <br />Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the <br />following manner and order. . <br /> <br />A. The:first distribution shall be to the Commissioner of Finance in an amount <br />equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds <br />shall be less than the amount of the Grant actually disbursed then all of such net proceeds <br />shall be distributed to the Commissioner of Finance. <br /> <br />B. The remaining portion, after the distribution specified in Section 3.04.A, shall <br />be distributed to pay in :full any outstanding public or private debt incurred to acquire the <br />Public Entity's interest in or for the betterment of the Real Property and, if applicable, the <br />Facility in the order of priority of such debt. <br /> <br />C. The remaining portion, after the distributions specified in Sections 3.04.A and <br />B, shall be divided and distributed in proportion to the shares contributed to the acquisition <br />of the' Public Entity's interest in or for the betterment of the Real Property and, if <br />applicable, the Faci1i~es by public and private entities, including the State Entity but not <br />including any private entity that has been paid in :full, that supplied funds in either real <br />monies or like kind contributions for such acquisition and betterment, and the State Entity's <br />distribution shall be made to the Commissioner of Finance. Such public and private <br />entities may agree amongst themselves as to any redistribution of such distributed funds. <br /> <br />Generic GO Bond Proceeds <br />Grant Agreement for Construction Grants <br /> <br />12 <br />RDGP-07-0004-0-FY07 <br /> <br />Ver - 1212006 <br />(Gnlc GO GA-Cnstrctn Gmt) <br />