Resolution 6664 - Laserfiche WebLink

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In addition, if aII of the Grant has not been disbursed on or before the date that is ~ years from the effective date of this A~'eement, or such later date to which the Public Entity and the State Entity may agree in writing, then the State Entity's obligation to continue to fund the Grant shall terminate, and in such event (y) if none of the Grant has been disbursed by such date then the State Entity's obligation to fund any portion of the Grant shall terminate and this Agreement shall also terminate and no longer be of any force or effect, and (z) if some but not all of the Grant has been disbursed by such date then the State Entity shall have no further obligation to provide any additional funding under the Grant and this Agreement shall remain in full force and effect but shall be modified and amended to reflect the amount of the Grant that vas actually disbursed as of such date. In the event that the legislation that authorized The Grant is amended to increase or reduce the amount of the Grant or in any other way, then this Agreement shall be deemed to have been automatically modified in accordance with such amendment and the amount of the Grant shall also be automatically modified in accordance with such amendment. Article III ACQUISITION, CONSTRUCTION AND USE OF THE REAL PROPERTY AND FACILITY Section 3.OI Applicabilit3~. The provisions contained in this Article III are in addition to and not in replacement of the other provisions contained in this Agreement, and shall only apply in the event that and at the time that the Public Entity acquires an interest in and, if applicable, improves the Real Property and, in addition and if applicable, acquires, improves, renovates, rehabilitates, or newly constructs the Facility. Such application shall occur even if the Public Entity does not receive any additional monies from the State Entity for the subsequent acquisition of an interest in and, if applicable, the improvement of the Real Property and, in addition and if .applicable, the acquisition, improvement, renovation, rehabilitation, or new construction of the Facility. If the Public Entity never acquires an interest the Real Property and, if applicable, the Facility, then this Article III shall have no effect. Section 3.02 Additional Defined Terms. The following defined terms apply to the provisions contained in this Article III, are in addition to the defined terms contained in Section 1.01, and shall have the meanings set. out respectively after each (such meanings to be equally applicable to both the singular and plural forms of the terms defined), unless the contents hereof specifically indicate otherwise: "Declaration" - means a declaration, in form and substance acceptable to the State Entity, indicating that the Public Entity's interest in the Real Property and, if applicable, the Facility, will be bond financed property within the meaning of the G.O. Compliance Legislation and will be subject to certain restrictions imposed by this Agreement. • "Fair Market Value" -means either (i) the price that would be paid by a willing and qualified buyer to a willing and qualified seller as determined by an appraisal which assumes that all mortgage liens or encumbrances on the property being sold, which negatively affect the value of such property, will be released, or (ii) the puce bid by a purchaser under a public bid procedure after reasonable public notice, with the proviso that Generic GO Grant Agreement for Pre-Design or Design Grants Ver - 7130/03 (Gnrc GO G.A-PrDsgn Grnt)