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3 <br /> <br />Section 1.04 Grant Term. The Project Activities shall be completed in a timely manner <br />and all Grant funds will be expended no later than December 31, 2026 (“End Date”), however the <br />obligations imposed by the Declaration of Restrictive Covenants remain ongoing pursuant to their <br />terms. <br /> <br />Section 1.05 Disbursement of Funds. <br /> <br />A. Authority will disburse Funds in response to written reimbursement requests <br />(“Reimbursement Requests”) submitted to Authority by Grantee upon forms provided <br />by Authority and accompanied by copies of bills and invoices from third parties for <br />which Grantee seeks reimbursement. Subject to verification of the facts contained in <br />each Reimbursement Request and a determination of compliance with the terms of this <br />Agreement, Authority will disburse the requested amount to Grantee within thirty-five <br />(35) days after receipt of each Reimbursement Request. <br /> <br />B. The following are events and conditions precedent to the disbursement of the Funds: <br /> <br />1. Grantee shall have provided to Authority evidence of having acquired the <br />Property or having obtained financing for the acquisition of the Property; <br /> <br />2. Grantee shall have executed and delivered to Authority on or prior to the date <br />hereof, without expense to Authority, executed copies of this Agreement and <br />the Declaration of Restrictive Covenants; <br /> <br />3. No Event of Default under this Agreement or the Declaration of Restrictive <br />Covenants shall have occurred and be continuing, unless waived in writing by <br />Authority in its sole discretion; and <br /> <br />4. As applicable with respect to each disbursement, Grantee shall have received <br />or Authority shall have determined that Grantee will receive all necessary <br />rezoning, variances, conditional use permits, building permits and other <br />permits, and subdivision, site plan and other approvals needed to permit the <br />construction for which funds are requested. <br />Section 1.06 Unused Funds. Upon the earlier of (a) the completion of the Project <br />Activities; (b) the End Date; or (c) the termination of this Agreement, any Funds not previously <br />disbursed for any reason, shall not be bound by the terms of this Agreement and may be retained <br />by Authority, at Authority’s sole discretion. <br /> <br />Section 1.07 Business Subsidy. The parties hereto agree and acknowledge that the Grant <br />does not constitute a business subsidy under Minnesota Statutes, §§116J.993 to 116J.994, as <br />amended, because the assistance is for affordable housing. <br /> <br />Section 1.08 Prevailing Wage. The Project will conform with the labor laws of the State <br />of Minnesota, and all other laws, ordinances, and legal requirements affecting the work in Ramsey <br />County and Minnesota including the Ramsey County Prevailing Wage Ordinance No. 2013-329 <br />(“Ordinance”). The minimum wage rate per hour to be paid for each classification of work shall