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8 <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 <br />amount of the grant. <br />D. Covenant. If the Project will be partially funded by a loan and the term of said loan is less <br />than the Commitment Period as defined in Special Terms and Conditions Section 6(B), <br />COMMERCE may require that GRANTEE record or cause to be recorded a covenant in a <br />superior lien position ahead of the lender’s security instrument that restricts use of the facility <br />or property for the purpose(s) stated elsewhere in this Grant Agreement for at least the term <br />of the Commitment 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 <br />a 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 <br />of Trust on the fee interest of the real property where the Project is located, if the Project is <br />on 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 <br />value 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 subsidiary organization, such as an affiliated LLC, <br />shall be evidenced by a current appraisal prepared by a licensed Washington State commercial <br />real estate appraiser or the prior purchase price of the property plus holding costs, whichever is <br />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, for work associated with the <br />Project expenditures Unless authorized by the Washington State Legislature, only those Project costs <br />incurred after the date of execution, may be reimbursed. Reimbursable cost are determined by the <br />Scope of Work, Attachment A. Generally costs within the following cost categories are considered <br />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 />ii. Permits and fees; <br />iii. Labor and materials; <br />iv. Taxes on Project goods and services; <br />v. Capitalized equipment; <br />vi. Information technology infrastructure; and <br />Docusign Envelope ID: 9B889CF2-7957-48F2-B06A-301BAAA8C3CA