Disposition of Property Upon Termination. In the event of termination of the Authority pursuant to Section 8.1 herein and where there will be a successor public entity which will carry on the functions of the Authority and assume its assets and liabilities, the assets of the Authority shall be transferred to the successor public entity. If upon termination pursuant to Section 8.1, there is no successor public entity which will carry on the functions of the Authority and assume its assets, the assets shall be returned to the Members as follows:
(a) all real property and any improvements thereon shall be conveyed to the Member which owned the property prior to the formation of the Authority, and (b) all other assets shall be divided among the Members in proportion to their respective contributions during the term of this Agreement. If upon termination pursuant to Section 8.1, there is a successor public entity which will carry on some of the functions of the Authority and assume some of the assets, the Authority's Board shall allocate the assets between the successor public entity and the Members.
Disposition of Property Upon Termination. Upon termination of this Agreement, any surplus funds on hand shall be returned to the then Members in proportion to the contributions made. The Authority shall first offer any property, rights or interests in the Authority for sale to the Members for good and adequate considerations. If no such sale is consummated, the Authority shall offer such property, rights and interests for sale for any governmental agency, or other entity for good and adequate consideration. The net proceeds from any sale shall be distributed among the Members in proportion to the contributions made. If no such sale is consummated, then the property, rights and interests of the Authority shall be allocated to the Members in the same manner as the allocation of the net proceeds from a sale, unless otherwise agreed to by the Members.
Disposition of Property Upon Termination. Upon termination of this Agreement, the assets of the Agency shall be transferred to the Agency’s successor, provided that a public entity will succeed the Agency, or in the event that there is no successor public entity, to the Members and Affiliated Parties in proportion to the contributions made by each Member or Affiliated Party. If the successor public entity will not assume all of the Agency’s assets, the Board shall distribute the Agency’s assets between the successor entity and the Members and Affiliated Parties in proportion to the any obligation required by Articles 5.1 or 5.6.
Disposition of Property Upon Termination. Upon expiration or earlier termination of this Agreement for any reason, each party shall deliver to the other all tangible forms of confidential information, trade secrets and other proprietary property of the other parties which is in its possession or control, and shall certify to the other parties in writing that it has no other such property in its possession or control, and that it has no knowledge of the possession by others of any such property of the other parties previously in its possession or control.
Disposition of Property Upon Termination. In the event that said District is terminated by agreement, the property and monies on hand at the time of termination after all debts and liabilities are paid shall be distributed among the parties then Parties of said District in accordance with their proportionate contributions thereto. Any member who withdraws from said District shall forfeit all of its right, title and monies.
Disposition of Property Upon Termination. The Parties do not anticipate having to dispose of any property upon partial or complete termination of this Agreement. However, to the extent that such disposition is necessary, property shall be returned to its original owner.
Disposition of Property Upon Termination. Upon termination of this Agreement, the assets of the Authority shall be transferred to the Authority’s successor, provided that a public entity will succeed the Authority, or in the event that there is no successor public entity, to the Members in proportion to the contributions made by each Member. If the successor public entity will not assume all of the Authority’s assets, the Board shall distribute the Authority’s assets between the successor entity and the Members in proportion to any obligation required by Articles 5.
Disposition of Property Upon Termination. Upon termination of this agreement any property owned by the Council or the Fiscal Agent shall be distributed to the local jurisdictions on a proportionate basis equal to the amount of funding through grant receipts or otherwise during the period of time when the agreement was in effect.
Disposition of Property Upon Termination. Pursuant to Government Code Section 6512, upon termination of this Agreement, any surplus funds on hand shall be paid out to BART and the County in the manner specified in Section 4.7 above for lease revenue. The Board shall first offer any facilities, rights and interests of the Authority for sale to the Members for good and adequate consideration. If no such sale is consummated, the Board shall consider offering such facilities, rights and interests of the Authority for sale to any governmental agency, or other entity for good and adequate consideration. The net proceeds from any sale shall be paid out to BART and the County in the manner specified in Section 4.7 above for lease revenue. If no such sale is consummated, then the facilities, rights and interests of the Authority shall be allocated to the parties in the same manner as the allocation of the net proceeds from a sale, unless otherwise agreed to by all of the parties.
Disposition of Property Upon Termination. When this Agreement terminates, any improvements to the Property becomes the property of the City, unless BARNSTORMERS removes the improvement, at BARNSTORMERS’s sole expense, from the Property before termination. If BARNSTORMERS leaves any improvements on the Property after termination, BARNSTORMERS will execute all documents necessary to confirm transfer of ownership to the City. If BARNSTORMERS chooses to remove any improvements, BARNSTORMERS will return the Property to its original condition, as determined in the reasonable judgment of the City Manager.
