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SPECIAL TERMS AND CONDITIONS <br />GENERAL GRANT <br />STATE FUNDS <br />vi) The value of real property when acquired solely for the purposes of this Project, as <br />established and evidenced by a current market value appraisal performed by a licensed, <br />professional real estate appraiser, or a current property tax statement. COMMERCE will <br />not consider appraisals for prospective values of such property for the purposes of <br />calculating the amount of non -state matching fund credit. <br />vii) In-kind contributions, subject to COMMERCE'S approval. <br />B. The GRANTEE shall maintain records sufficient to evidence that it has access to or has <br />expended funds from such non -state sources, and shall make such records available for <br />COMMERCE'S review upon reasonable request. <br />4. PREVAILING WAGE LAW <br />The Project funded under this Grant may hp stihiprt to state prevailing wggp law (Chapter 39 12. <br />RCW). The GRANTEE is advised to consult the Industrial Statistician at the Washington Department <br />of Labor and Industries to determine whether prevailing wages must be paid. COMMERCE is not <br />responsible for determining whether prevailing wage applies to this Project or for any prevailing wage <br />payments that may be required by law. <br />5. DOCUMENTATION AND SECURITY <br />The provisions of this section shall apply to capital projects performed by nonprofit organizations that <br />involve the expenditure of over $500,000 in state funds. Projects for which the grant award or <br />legislative intent documents specify that the state funding is to be used for design only are exempt <br />from this section. <br />A. Deed of Trust. This Grant shall be evidenced by a promissory note and secured by a deed of <br />trust or other appropriate security instrument in favor of COMMERCE (the "Deed of Trust"). The <br />Deed of Trust shall be recorded in the County where the Project is located, and the original <br />returned to COMMERCE after recordation within ninety (90) days of contract execution. The <br />Deed of Trust must be recorded before COMMERCE will reimburse the GRANTEE for any <br />Project costs. The amount secured by the Deed of Trust shall be the amount of the grant as set <br />forth in Section 2, hereof. <br />B. Term of Deed of Trust. The Deed of Trust shall remain in full force and effect for a period of ten <br />(10) years following the final payment of state funds to the GRANTEE under this grant. Upon <br />satisfaction of the ten-year term requirement and all other grant terms and conditions, <br />COMMERCE shall, upon written request of the GRANTEE, take appropriate action to reconvey <br />the Deed of Trust. <br />C. Title Insurance; The GRANTEE shall purchase an extended coverage lender's policy of title <br />insurance insuring the lien position of the Deed of Trust in an amount not less than the amount of <br />the grant. <br />D. Subordination. COMMERCE may agree to subordinate its deed of trust upon request from a <br />private or public lender. Any such request shall be submitted to COMMERCE in writing, and <br />COMMERCE shall respond to the request in writing within thirty (30) days of receiving the <br />request. <br />