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

Disposition of School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason or if the School should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned by the School, including tangible, intangible, and real property, remaining after paying the School’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District.

Disposition of School’s Assets upon Termination or Dissolution. Upon termination of this Contract for any reason reason, or if the School should cease operations or otherwise dissolve, then, at the sole discretion of the District, any assets owned or otherwise held by the School, and not requiring return to the donor or grantor, including tangible, intangible, and real property, remaining after paying the School’s debts and obligations and not requiring return or transfer to donors or grantors, will become the property of the District and title thereof will be transferred to the District, unless and/or to the extent the District shall decline in writing to accept the same.