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U. It has or will promptly record a fully executed Declaration with the appropriate governmental office and deliver a copy thereof to the Council and to Minnesota Manage- ment and Budget (attention: Capital Projects Manager) that contains all of the recording information. V. The Useful Life of the Real Property and, if applicable, Facility is 50 years. W. It shall furnish such satisfactory evidence regarding the representations and war- ranties described herein as may be required and requested by either the Council or the Com- missioner of MMB. Section 2.06 Ownership by Leasehold or Easement. This Section shall only apply if the Public Entity’s ownership interest in the Real Property, the Facility, if applicable, or both is by way of a Real Property/Facility Lease or an easement. For all other circumstances this Section is not needed and should be ignored and treated as if it were left blank, and any reference to this Section in this Agreement shall be ignored and treated as if the reference did not exist. A. A Real Property/Facility Lease or easement must comply with the following provisions. a. It must be in form and contents acceptable to the Commissioner of MMB, and specifically state that it may not be modified, restated, amended, changed in any way, or prematurely terminated or cancelled without the prior written con- sent and authorization by the Commissioner of MMB. b. It must be for a term that is equal to or greater than 125% of the Useful Life of the Real Property and, if applicable, Facility, or such other period of time specifically authorized by a Minnesota statute, rule or session law. c. Any payments to be made under it by the Public Entity, whether designated as rent or in any other manner, must be by way of a single lump sum payment that is due and payable on the date that it is first made and entered into. d. It must not contain any requirements or obligations of the Public Entity that if not complied with could result in a termination thereof. e.It must contain a provision that provides sufficient authority to allow the Pub- lic Entity to operate the Real Property and, if applicable, Facility in accord- ance with the requirements imposed under Section 2.04. f.It must not contain any provisions that would limit or impair the Public En- tity’s operation of the Real Property and, if applicable, Facility in accordance with the requirements imposed under Section 2.04. g. It must contain a provision that prohibits the Lessor/Grantor from creating or allowing, without the prior written consent of the Council and the Commis- sioner of MMB, any voluntary lien or encumbrance or involuntary lien or en- cumbrance that can be satisfied by the payment of monies and which is not being actively contested against the Leased/Easement Premises or the Les- sor ’s/Grantor ’s interest in the Real Property/Facility Lease or easement, whether such lien or encumbrance is superior or subordinate to the Declara- tion. Provided, however, the Council and the Commissioner of MMB will consent to any such lien or encumbrance if the holder of such lien or encum- brance executes and files of record a document under which such holder Generic GO Bond Proceeds Grant Agreement for Program End Grants 10 Ver – 10/26/20