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subject of the Use Contract or to pay the principal, interest, redemption premiums, and other expenses on any debt related to the Real Property and, if applicable, Facility, other than the debt on the G.O. Bonds. V. It will furnish to the State Entity as soon as possible and in any event within 7 calendar days after the Grant Recipient has obtained knowledge of the occurrence of each Event of Default, or each event which with the giving of notice or lapse of time or both would constitute an Event of Default, a statement setting forth details of each Event of Default, or event which with the giving of notice or upon the lapse of time or both would constitute an Event of Default, and the action which the Grant Recipient proposes to take with respect thereto. W. The Useful Life of the Real Property and, if applicable, Facility is 25 years. X. It has or will promptly record a fully executed Declaration with the appropriate governmental office and deliver a copy thereof to the State Entity and to Minnesota Management and Budget (attention: Capital Projects Manager) that contains all the recording information. Y. It shall furnish such satisfactory evidence regarding the representations and warranties described herein as may be required and requested in writing by either the State Entity or the Commissioner of Management and Budget. Section 2.05 Event(s) of Default. The following events shall, unless waived in writing by the State Entity and the Commissioner of Management and Budget, constitute an Event of Default under this Agreement upon either the State Entity or the Commissioner of Management and Budget giving the Grant Recipient 30 days written notice of such event, and the Grant Recipient's failure to cure such event during such 30 day time period for those Events of Default that can be cured within 30 days or within whatever time period is needed to cure those Events of Default that cannot be cured within 30 days as long as the Grant Recipient is using its best efforts to cure and is making reasonable progress in curing such Events of Default, however, in no event shall the time period to cure any Event of Default exceed 6 months. Notwithstanding the foregoing, any of the following events that cannot be cured shall, unless waived in writing by the State Entity and the Commissioner of Management and Budget, constitute an Event of Default under this Agreement immediately upon either the State Entity or the Commissioner of Management and Budget giving the Grant Recipient written notice of such event. A. If any representation, covenant, or warranty made by the Grant Recipient herein, in any Draw Requisition, or in any other document furnished pursuant to this Agreement, or in order to induce the State Entity to make any Advance, shall prove to have been untrue or incorrect in any material respect or materially misleading as of the time such representation, covenant, or warranty was made. B. If the Grant Recipient fails to fully comply with any provision, term, condition, covenant, or warranty contained in this Agreement, the Declaration, or any other document referred to herein. Little Caanda GO Bond Proceeds Grant Agreement Ver — 5/06/15 for MnDOT Antiquated Equipment Grants 8