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Docusign Envelope ID: 1OBC9C18-B2D4-4ECE-8COA-D7C9B69F3F42 <br />L the facility improved or acquired with grant funds; or <br />H. a distinct phase of the Project <br />is made useable to the public for the purpose intended by the Washington State Legislature (the <br />Commitment Period). Upon satisfaction of the Commitment Period and all other Grant Agreement <br />terms and conditions, COMMERCE shall, upon written request of the GRANTEE, take <br />appropriate action to reconvey 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. Covenant. If the Project will be partially funded by a loan and the term of said loan is less than the <br />Commitment Period as defined in Special Terms and Conditions Section 6(B), COMMERCE may <br />require that GRANTEE record or cause to be recorded a covenant in a superior lien position <br />ahead of the lender's security instrument that restricts use of the facility or property for the <br />purpose(s) stated elsewhere in this Grant Agreement for at least the term of the Commitment <br />Period as defined in Special Terms and Conditions Section 6(B). <br />E. 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 30 calendar days of receiving the <br />request. <br />F. Deed of Trust on Leased Property. COMMERCE may require, at its sole discretion, a Deed of <br />Trust on the fee interest of the real property where the Project is located, if the Project is on <br />leased property. <br />7. BASIS FOR ESTABLISHING REAL PROPERTY VALUES FOR ACQUISITIONS OF REAL <br />PROPERTY PERFORMANCE MEASURES <br />When all or part of the grant is used to fund the acquisition of real property, before funds are <br />disbursed, the GRANTEE shall procure and provide to COMMERCE evidence establishing the value <br />of the real property eligible for reimbursement under this Grant Agreement as follows: <br />A. GRANTEE purchases of real property from an independent third -party seller shall be evidenced <br />by a current appraisal prepared by a licensed Washington State commercial real estate appraiser <br />or a current property tax statement. <br />B. GRANTEE purchases of real property from a related or subsidiary organization, such as an <br />affiliated LLC, shall be evidenced by a current appraisal prepared by a licensed Washington State <br />commercial real estate appraiser or the prior purchase price of the property plus holding costs, <br />whichever is less. <br />8. EXPENDITURES ELIGIBLE FOR REIMBURSEMENT <br />Payments to the GRANTEE shall be made on a reimbursement basis only. The GRANTEE may be <br />reimbursed, at the rate set forth elsewhere in this Grant Agreement and as authorized by the <br />Legislature, for work associated with the Project expenditures. Reimbursable costs are determined by <br />the Scope of Work, Attachment A. Generally, costs within the following cost categories are <br />considered capital expenditures: <br />A. Real property, and costs directly associated with such purchase, when purchased or acquired <br />solely for the purposes of the Project; <br />B. Design, engineering, architectural, and planning; <br />C. Construction management and observation (from external sources only); <br />D. Construction costs including, but not limited to, the following: <br />I. Site preparation and improvements; <br />7 <br />