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circumstances this definition is not needed and should be ignored and treated as i were left blank, and anv r'eference to this term in this A�eement shall be i�nored and treated as if the reference did not exist. "Useful Life of the Real Estate and, if applicable, Facility" — means (i) 30 years for Real Property that has no structure situated thereon or if any structures situated thereon will be removed, and no new structures will be constructed thereon, (ii) the remaining useful life of the Facility as of the effective date of this Agreement for Facilities that are situated on the Real Property as of the date of this Agreement, that will remain on the Real Property, and that will not be bettered, or (iii) the useful life of the Facility after the completion of the construction or betterments delineated in Attachment III attached hereto for Facilities that are to be constructed or bettered. Article II GRANT Section 2.01 Grant of Monies. The State Entity shall make and issue the Grant to the Public Entity, and disburse the proceeds in accordance with the provisions of this Agreement. The Grant is not intended to be a loan even though the portion thereof that is disbursed may need to be returned to the State Entity or the Commissioner under certain circumstances. Section 2.02 Public Ownership. The Public Entity acknowledges and agrees that the Grant is being funded with the proceeds of G.O. Bonds, and as a result thereof all of the Real Estate and, if applicable, Facility must be owned by one or more public entities. In order to establish that this public ownership requirement is satisfied, the Public Entity represents and warrants to the State Entity that it has, or will acquire, the following ownership interests in the Real Property and, if applicable, Facility, and, in addition, that it possess, or will possess, all easements necessary for the operation, maintenance and management of the Real Property and, if applicable, Facility in the manner specified in Section 2.04: (Check the appropriate box for the Real Property and, if applicable, for the Facility.) Ownership Interest in the Real Property. � Fee simple ownership of the Real Property. � A Real Property/Facility Lease for the Real Property that complies with the requirements contained in Section 2.06. [If the term of the Real Property/Facility Lease is for a term authorized by a Minnesota statute, rule or session law, then insert the citation at this point .] � An easement for the Real Property (i) that is in form and substance Generic GO Bond Proceeds 6 Ver-6/26/08 Grant Agreement for Construction Grants (Gnrc GO GA-Cnstrctn Grnt)