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MnDOT Agreement #06820 <br />"Outstanding Balance of the Grant" - means the portion of the Grant that has been <br />disbursed to or on behalf of the Grant Recipient minus any portion thereof previously paid <br />back to the Commissioner of Management and Budget. <br />"Project" - means the acquisition of an interest in the Real Property and, if applicable, <br />the Facility, along with the performance of those activities indicated in Section 2.03. <br />"Real Property" - means the real property located in the County of Ramsey State of <br />Minnesota, legally described in Attachment II. <br />"State Entity" - means the Minnesota Department of Transportation <br />"Use Contract" - means a lease, management contract or other similar contract <br />between Grant Recipient and any other entity, and which involves or relates to the Real <br />Property and, if applicable, the Facility. <br />"Usee" - means any entity with which the Grant Recipient contracts under a Use <br />Contract. <br />"Useful Life of the Real Property and, if applicable, the Facility" — means the term set <br />forth in Section 2.04.W. of this Agreement, which was derived as follows: (i) 30 years for <br />Real Property that has no structure situated thereon or if any structures situated thereon will <br />be removed, and no new structures will be constructed thereon, (ii) the remaining useful <br />life of the Facility as of the effective date of this Agreement for Facilities that are situated <br />on the Real Property as of the date of this Agreement, that will remain on the Real Property <br />and that will not be bettered, or (iii) the useful life of the Facility after the completion of the <br />construction or betterments for Facilities that are to be constructed or bettered. <br />Article II <br />GRANT <br />Section 2.01 Grant of Monies. The State Entity shall issue the Grant to the Grant <br />Recipient and disburse the proceeds in accordance with the provisions of this Agreement. The <br />Grant is not intended to be a loan even though the portion thereof that is disbursed may need to <br />be returned to the State Entity or the Commissioner of Management and Budget under certain <br />circumstances. <br />Section 2.02 Use of Grant Proceeds. The Grant Recipient shall use the Grant solely to <br />reimburse itself for expenditures it has already made, or will make, in the performance of the <br />following activities: <br />(Check all appropriate boxes.) <br />Acquisition of fee simple title to the Real Property; <br />Acquisition of a leasehold interest in the Real Property; <br />Little Caanda GO Bond Proceeds Grant Agreement <br />for MnDOT Antiquated Equipment Grants 1 1 <br />Ver — 5/06/15 <br />