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Rural Economic Development Grant Agreement, Private Owner <br />BUILDING REUSE PROGRAM – Revision #3 2020-025-3201-2587 <br /> <br />Grant Agreement - 2 <br /> <br /> <br />1. Scope of Program/Agreements to be Executed. <br /> <br /> (a). As conditions of the Grant Agreement: <br /> i. The highest elected official of the Governmental Unit shall execute two originals <br />of this Grant Agreement in its exact form (unless Commerce approves of a <br />change to its terms in writing) and shall return one of them to Commerce; <br /> ii. The Governmental Unit shall ensure that its highest elected official and a duly <br />authorized representative of the Owner execute two originals of the Rural <br />Economic Development Loan Agreement and Legally Binding Commitment <br />(“LBC”) in its exact form (unless Commerce approves of a change to its terms in <br />writing) and shall return one such original to Commerce with the one executed <br />original of the Grant Agreement; <br /> iii. The Governmental Unit shall ensure with the Owner that every individual or <br />entity that has any ownership interest in the real property which is the subject of <br />the Project executes two originals of the Promissory Note attached as Exhibit F <br />in its exact form and shall return one such original to Commerce with the one <br />executed originals of the Grant Agreement; and <br /> iv. Exhibit A refers to the entity (or entities, as applicable) required to create and <br />maintain certain full-time new jobs (“New Jobs”) to complete the Project as the <br />“Company,” the “Employer” and the “Business” (together and hereinafter, the <br />“Business”). The Governmental Unit shall ensure that an authorized <br />representative of each Business executes a Waiver of Confidentiality (“Waiver”), <br />attached as Exhibit G, and shall return the original of any such Waiver to <br />Commerce with the executed originals of the Grant Agreement. The <br />Governmental Unit shall also ensure that any additional Business which <br />becomes involved in the Project after the Grant Agreement is finalized executes <br />a Waiver upon its involvement, the original of which the Governmental Unit <br />shall promptly forward to Commerce. <br /> (b). The Governmental Unit shall provide Commerce with any information obtained <br />pursuant to the LBC and allow Commerce to execute any rights of the Governmental <br />Unit under the LBC, including the Governmental Unit’s rights of access, review or <br />monitoring and Commerce’s rights as a third-party beneficiary thereunder. <br /> (c). The Governmental Unit shall exercise all of its rights and duties under the LBC in a <br />prudent and timely manner to ensure the use of the Grant funds for the intended <br />purposes and objectives and to preserve the rights of Commerce in this Grant <br />Agreement and the LBC. <br /> (d). The LBC specifies how many New Jobs the Business must create and maintain in the <br />performance of the Project and, if the Business fails to do so, those Grant funds that <br />the Owner must repay to the Governmental Unit for return to Commerce or else repay <br />directly to Commerce, upon request and as directed. If such New Jobs are not created <br />or maintained, then the Governmental Unit shall return to Commerce any Grant funds <br />it has not already disbursed to the Owner, make a timely demand for repayment from <br />the Owner and, if such repayment is not forthcoming, initiate and fully litigate legal <br />proceedings against the Owner to recover such repayment. <br />9