Assurances as to Use Sample Clauses
Assurances as to Use a. The Contractor agrees to utilize the funds provided hereunder pursuant to the statutory authority for the purchase of and/or improvements to land and/or property as approved by the Department, and in accordance with the Bond Commission Approval listed on pages 1 and 2 of this contract.
b. If, within ten years from either the expiration date of the contract or the date of final payment, whichever is sooner, the premises being purchased and/or improved with funds provided under this contract cease to be used as a facility for which the grant-in-aid was made, an amount equal to the amount of such grant, minus 10% per year for each full year which has elapsed from either the expiration date of the contract, or the date of final payment, whichever is sooner, shall be repaid to the State. The ten year period referenced herein shall begin one day following the expiration date of the contract, or one day following the date of final payment to the Contractor, whichever is sooner.
Assurances as to Use a. The Contractor agrees to utilize the funds provided hereunder pursuant to the statutory authority for the purchase of and/or improvements to land and/or property as approved by the Department, and in accordance with the Bond Commission Approval listed on page 1 of this contract.
b. If the premises being purchased and/or improved with funds provided under this contract cease to be used as approved by the State Bond Commission within ten years from the contract end date, an amount equal to the amount of such funds minus 10% for each full year which has elapsed from the contract end date shall be repaid by the Contractor to the Department.
c. When required by law, a lien shall be placed on such property in favor of the State to assure repayment of funds granted resulting from circumstances described herein. The wording of the lien shall be approved by the State prior to placement. The Contractor shall forward to the Department either a copy of the recorded lien bearing the Registrar’s stamp or other indication of recording. The lien shall be sent to the Department prior to the project end date listed herein.