Common use of Disposition of Property Upon Termination Clause in Contracts

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, 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 considerationsconsideration. 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.