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State Bond Financed Property" executed by the Commissioner of Finance on July 20, 1995 (the "Commissioner's Order"), even though such funds are being used to acquire and/or improve only a portion thereof. L The Public Entity and the State Entity desire to set forth herein the provisions relating to the granting and disbursement of the proceeds of the Program Grant to the Public Entity and the operation of the Real Property and, if applicable, Facility. IN CONSIDERATION of the grant described and other provisions in this Agreement, the parties to this Agreement agree as follows. Article I DEFINITIONS Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set out respectively after each such term (the meanings to be equally applicable to both the singular and plural forms of the terms defined), unless the context specifically indicates otherwise: "Disbursement(s)" — means a disbursement made or to be made by the State Entity to the Public Entity and disbursed in accordance with the provisions contained in Article VI hereof. "Agreement" - means this General Obligation Bond Proceeds Grant Agreement - Construction Grant for the Twin Lakes Redevelopment Phase II Project under the Redevelopment Grant Program. "Approved Debt" — means public or private debt that is consented to and approved, in writing, by the Commissioner, the proceeds of which were or will used to acquire an ownership interest in or improve the Real Property and, if applicable, Facility, other than the debt on the G.O. Bonds. Approved Debt includes, but is not limited to, all debt delineated in Attachment III to this Agreement; provided, however, the Commissioner is not bound by any amounts delineated in such attachment unless he/she has consented, in writing, to such amounts. "Architect", if any — means Not A�licable, which will administer the Construction Contract Documents on behalf of the Public Entity. "Code" - means the Internal Revenue Code of 1986, as amended from time to time, and all treasury regulations, revenue procedures and revenue rulings issued pursuant thereto. "Commissioner" - means the commissioner of the Minnesota Department Finance, and any designated representatives thereof. Generic GO Bond Proceeds 2 Ver — 8/20/08 Grant Agreement for ProgramConstruction Grants (Gnrc GO GA-Prgrm Cnstrcm Grnt) < RDGP-09-0025-o-FY10>