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applicable, the Facility, or to pay the principal, interest, .redemption premiums, and other expenses on debt related to the Real Property and, if applicable, the Facility, other than the debt on the G.O. Bonds and debt for ~i-hich the Public Entity has no financial liability, must be paid b~~ the Public Entity to the Commissioner of Finance. The portion of such e?~cess funds that the Public Entity shall pay to the Commissioner of Finance shall be determined by the Commissioner of Finance and absent circumstances which would indicate otherwise such portion shall be determined by multiplying such excess amount by a fraction the numerator of .which is the amount of G.O. Bonds and the denominator of which is the total principal amount of all public debt financing incurred with respect to the Real Property and, if applicable, the Facility other than public debt issued by a public entity for which it has no financial liability, Section 3.09 Sale. The Public Entity may not sell its interest in the Real Property or, if applicable, the Facility unless all of the following conditions have been complied with fully. A. The Public Entity determines, by official action, that it is no longer usable or needed as public right-of--way. 4 B. The sale is made as authorized by law. C. The sale is for Fair Market Value. D. The written consent of the Commissioner of Finance has been obtained The acquisition of the Public Entity's interest in the Real Property and, if applicable, the Facility at a foreclosure sale, acceptance of a deed-in-lieu of foreclosure of the Public Entity's interest in the Real Property and, if applicable, the Facility, or enforcement of a security interest in personal property used in the operation thereof, by a lender that has provided monies for the acquisition of the Public Entity's interest in or betterment of the Real Property and, if applicable, the Facility shall not be considered a sale for the purposes of this Agreement if after such acquisition the lender operates the Real Property and, if applicable, the Facility in a manner which is not inconsistent with the program specified in Section 3.04 and the Iender uses its best efforts to sell such acquired interest to a third party for Fair Market Value. The lender's ultimate sale or disposition of the acquired interest in the Real Property and, if applicable, the Facility shall be deemed to be a sale for the purposes of this Agreement, and the proceeds thereof shall be disbursed in accordance with the provisions contained in Section 3.10. Section 3. I 0 Proceeds of a Sale. Upon the sale of the Public Entity's interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order: A. The first distribution shall be to the Commissioner of Finance in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Finance. Generic GO Grant Agreement 11 V er 7/30/03 for Pre-Design or Design Grants (Gnrc GO GA-PrDsgn Gmt)