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17 <br /> I <br /> I <br /> Rural Economic Development Grant Agreement,Private Owner <br /> BUILDING REUSE PROGRAM—Revision#3 2020-025.3201-2587 <br /> 1, Scope of Program/Agreements to,be Executed, <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 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 P <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 /> Grant Agreement-2 <br /> j <br /> I <br /> i <br /> i <br />