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-A- "I VEd"SIA NT LOCA-L, HOUSING INCT.A. Ii grant, funds available on a revolving" basis for the purposes of mplementing the Project activities descinibed in, Attachment A. The Council shall bear no responsibility for cost, overruns which may biv incurred by, the Grantee or others in the I*mplementation or perfonnance of'the Project activities. Thcw r,q " Grantee arees to comply, With, any."busine e ss subsi uirements, of Minnesota Statut g e e s, sctions 1 16i.993 to 11 6Ji.995 that apply, to the Grantee's expendikuresi or uses of the grant fundsi. The Grantee covenants and represents to the Council that, the Project rental housing pr 'ect that received, or will receive an award oflow-income housing tax credits under Section q 42 of the Internal Revenue Code of 19,86.1 as amended, and the low incolme housing, tax credit program, a&ninlstered by the Minnesota Hous ing, v inance Agency., (b) The Grantee will, provide to the Council a, copy of the loan agreement between the Grante.-T and the Pro, W ect olwn,er. j (d) The grant funds made available to the Grantee and disbursed to the Project, owner by th Grantee in, the form of a loan may be used, only for the grant-eligible activities and Proje components, for which the Grantee wasi awarded, the grant fimds. For the purposes of thi Agreement, the teinn "Project owner"' means the current Project owner and any Project owne successor,(s). I (f) By, executing this Agreement, the Grantee: (1) acknowledges that the Council, explects the loan will be, repaid so the grant fim,ds may be used to help fund other activities, consistent with the I requirements of'the Metropolitan Livable Communities Act; (2) covenants, represents and *11 meet all applicable warrants to, the Council that the Grantee's, loan to the Project owner wi I low-income housing tax credit prolgram requirements under Section 42 of the internal Page 3 9f 10 Pages 4"