Common use of Asset Reversion Clause in Contracts

Asset Reversion. Upon expiration of this Agreement, the Subrecipient shall transfer to the County all grant funds in its possession, and any accounts receivable of the project attributable to grant funds. At the time of project closeout, the County shall determine the appropriate disposition of any equipment purchased with funds provided herein. The County shall permit the Subrecipient to retain title to such equipment, if the Subrecipient assures the County that it intends to continue the project for a period of not less than five years following closeout. Any funds provided herein for the acquisition and/or improvement of property shall be secured by a twenty-year forgivable mortgage instrument recorded on said property. If, prior to the release and satisfaction of said mortgage, the Subrecipient disposes of or changes the use of such property, or is found to be in default of any term contained therein, the Subrecipient shall reimburse the County according to the terms and conditions contained in said mortgage.

Asset Reversion. Upon expiration of this Agreement, the Subrecipient shall transfer to the County all grant funds in its possession, and any accounts receivable of the project attributable to grant funds. At the time of project closeout, the County shall determine the appropriate disposition of any equipment purchased with funds provided herein. The County shall permit the Subrecipient to retain title to such equipment, if the Subrecipient assures the County that it intends to continue the project for a period of not less than five years following closeout. Any funds provided herein for the acquisition and/or improvement of property shall be secured by a twenty-year forgivable mortgage instrument recorded on said property. If, prior to the release and satisfaction of said mortgage, the Subrecipient disposes of or changes the use of such property, or is found to be in default of any term contained therein, the Subrecipient shall reimburse the County according to the terms and conditions contained in said mortgage.