Common use of Disposition of a Network School’s Assets upon Termination or Dissolution Clause in Contracts

Disposition of a Network School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason or if the Network should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned by the Network, including tangible, intangible, and real property, remaining after paying the Network’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District. Upon closure of any School, without closure of all Schools of the Network, the Network and District any assets that are associated with the school that were paid for with public funds, including tangible, intangible, and real property, will become the property of the District. However, the Parties shall meet and determine whether any of these assets should remain in whole or in part with the Network for use in another Network School or be returned in whole or in part to the District. In making such distributions, the Parties shall endeavor to distribute assets equitably, enable the continued functioning of Network Schools that are not closing, and act in the best interests of the district, community and students.

Disposition of a Network School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason or if the Network should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned by the NetworkNetwork g, including tangible, intangible, and real property, remaining after paying the Network’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District. Upon closure of any School, without closure of all Schools of the Network, the Network and District any assets that are associated with the school that were paid for with public funds, including tangible, intangible, and real property, will become the property of the District. However, the Parties shall meet and determine whether any of these assets should remain in whole or in part with the Network for use in another Network School or be returned in whole or in part to the District. In making such distributions, the Parties shall endeavor to distribute assets equitably, enable the continued functioning of Network Schools that are not closing, and act in the best interests of the district, community and students.