Common use of Disposition Upon Termination Clause in Contracts

Disposition Upon Termination. As soon as possible after termination, the Land Bank shall finish its affairs as follows: (a) all of the Land Bank’s debts, liabilities, and obligations to its creditors and all expenses incurred in connection with the termination of the Land Bank and distribution of its assets shall be paid first; (b) the remaining Real Property and personal property owned by the Land Bank, if any, shall be distributed to any successor entity, subject to approval by the Parties. In the event that no successor entity exists, the remaining Real Property and personal property, and other assets of the Land Bank, shall become assets of Baldwin County unless provided otherwise in any applicable intergovernmental contracts; and (c) liability shall be absorbed upon termination as agreed upon by the Board of the Land Bank. In the absence of agreement by the Board, liability associated with each property shall be with the Party in which the property is located.