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11 <br />for capital improvements that are needed to so operate the Real Property and, if applicable, <br />Facility in accordance with the requirements imposed under Section 2.04. <br />R.It reasonably expects to possess the ownership interest in the Real Property and, <br />if applicable, Facility described Section 2.02 for the entire Useful Life of the Real Property <br />and, if applicable, Facility, and it does not expect to sell such ownership interest. <br />S.It does not reasonably expect to receive payments under a Use Contract in excess <br />of the amount the Public Entity needs and is authorized to use to pay the operating expenses <br />of the portion of the Real Property and, if applicable, Facility that is the subject of the Use <br />Contract or to pay the principal, interest, redemption premiums, and other expenses on any <br />Approved Debt. <br />T.It will supply, or cause to be supplied, whatever funds are needed above and <br />beyond the amount of the Program Grant to complete and fully pay for the Project. <br />U.It has or will promptly record a fully executed Declaration with the appropriate <br />governmental office and deliver a copy thereof to the Council and to Minnesota Management <br />and Budget (attention: Capital Projects Manager) that contains all of the recording <br />information. <br />V.The Useful Life of the Real Property and, if applicable, Facility is ____ years. <br />W.It shall furnish such satisfactory evidence regarding the representations and <br />warranties described herein as may be required and requested by either the Council or the <br />Commissioner of MMB. <br />Section 2.06 Ownership by Leasehold or Easement. This Section shall only apply if the <br />Public Entity’s ownership interest in the Real Property, the Facility, if applicable, or both is by <br />way of a Real Property/Facility Lease or an easement. For all other circumstances this Section is <br />not needed and should be ignored and treated as if it were left blank, and any reference to this <br />Section in this Agreement shall be ignored and treated as if the reference did not exist. <br />A.A Real Property/Facility Lease or easement must comply with the following <br />provisions. <br />1.It must be in form and contents acceptable to the Commissioner of MMB, <br />and specifically state that it may not be modified, restated, amended, changed in any <br />way, or prematurely terminated or cancelled without the prior written consent and <br />authorization by the Commissioner of MMB. <br />2.It must be for a term that is equal to or greater than 125% of the Useful Life <br />of the Real Property and, if applicable, Facility, or such other period of time specifically <br />authorized by a Minnesota statute, rule or session law.