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"Easement Premises"" - means the real estate and structures, granted to thh" Grantee under an easement. "Event of Default" - means one or more of thos events delineated in Section 2.07. 1 "Facility" means, the Waste water Systems identified in Recital No. 5 of thi ,h Agreement which i's located,, or will be constructed and located on the 5 Re Property and all equipment that is a part thereof that was purchased With (mroceeds. "G.O. Bonding Legislation" — means the legislation delineated 'in Recital Nos. I and 2 hereinabove as the G.O. Bonding Legislation. G.O. Bonds" - means that portion of the state general obligation bonds issue:4 - I under the authority granted in Article XI, § 5(a) of the Minnesota Constitution, �h proceeds of which are used to fund the G.O. Grant and any state bonds issued t refund or replace such bonds. (.'G.O. Compliance Legislation" - means Minn. Stat. § 16A.695 as such may subsequently be amended, modified or replaced from time to time unless such 2-mendment, modification or replacement imposes an unconstitutional impairment • contract right. "G.O. Grant"' means a grant of monies from the Council to the Grantee in th'T mount identified as the "G.O. Grant" in Section 2.01 (b) to this Agreement, as thti mount thereof may be modified under the provisions contained herein. "Govemmentai Program"' means the operation of the Real Property and th;;W� Facility for the purpose specified and identified in Recital No. 5 of this Aueemewl as the Governmental Program. "Grantee" - means the entity identified as the "Grantee" in the lead-in paragraph of this Agreement. - "Initial Acquisition and Betterment Costs"" means the cost to acquire the Grantee"s ownership interest in the Real Property and Facility if the Grantee does not already possess the required ownership interest, and the costs of betterments of the Real Property and Facility; provided however the Council and the P I I 7