GRANT RECAPTURE Sample Clauses

GRANT RECAPTURE. In the event of an Event of Default by Company which is not cured within the time periods set forth in Section 5 or in the otherwise additional time allowed by County as Company’s total cure period, and upon termination by County of this Agreement as set forth above, County may recapture and collect from Company the amount(s) of Grants already paid by County to Company for three (3) years directly preceding the date of the notice of default. Company shall pay to County the foregoing amount(s) within thirty (30) days after the County makes written demand for same. No further Grants shall then be payable to Company and this Agreement shall be of no further force or effect. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the amount(s) of the three (3) years of Grants as provided generally in the Texas Tax Code for the collection of delinquent Ad Valorem Taxes other than penalties and interest.
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GRANT RECAPTURE. The grant amount will be attached to the participating property as a Deed Restriction or 2nd Mortgage, which will expire according to the terms of the document and the chart below. Homeownership Assistance Amount Affordability Period <$15,000 5 years $15,000 - $30,000 10 years Grants value will be forgiven at a pro-rated amount per year, figured on the anniversary date of the closing date of the property, for five or ten years depending on the level of assistance. At the end of the final year, the full value of the grant will be forgiven.
Sample 1
GRANT RECAPTURE. In the event that Company is in default of this Agreement, the County may recapture and collect from Company the Grant payments previously made to Company after providing Company written notice and a minimum period of thirty (30) days to cure such default, and the default has not been cured within said time. In the event Company does not so cure, Company shall pay to the County the all previously paid Grant payments within thirty (30) days after the County makes demand for same. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the Grant payments as provided generally in the Tax Code for the collection of delinquent property taxes.
Sample 1
GRANT RECAPTURE. In the event that Developer is in default of this Agreement, the County may recapture and collect from Developer the reimbursements previously made to Developer after providing Developer written notice and a minimum period of thirty (30) days to cure such default, and the default has not been cured within said time. In the event Developer does not so cure, Developer shall pay to the County the all previously paid reimbursements within thirty (30) days after the County makes demand for same. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the reimbursements as provided generally in the Tax Code for the collection of delinquent property taxes.
Sample 1

Related to GRANT RECAPTURE

  • Recapture In the event of a material breach of the requirements of this Agreement, GO-Biz will notify Taxpayer in writing of the breach and provide Taxpayer with the opportunity to cure the breach within thirty (30) business days or such longer period as mutually agreed to in writing between the Parties. If Taxpayer fails to cure the breach within the prescribed timeframe, GO-Biz will notify Taxpayer of the failure, the amount of the Allocation that it will recommend to the Committee to be recaptured, and may recommend termination of this Agreement to the Committee. If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Taxpayer had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years. Upon receipt of recommendations from GO-Biz, the Committee will determine whether to accept or reject GO-Biz’s recommendation of recapture, the amount thereof, and the termination of this Agreement, based on Taxpayer’s failure to fulfill the terms and conditions of this Agreement. Upon approval of the Committee to recapture some or all of the Allocation awarded for failure of Taxpayer to fulfill the terms of this Agreement, GO-Biz will notify the FTB in writing as required under the applicable statutes and regulations. Any amount of additional tax resulting from that recapture shall be assessed by the FTB in the same manner as provided by RTC section 19051. The additional tax resulting from a recapture will be assessed in the taxable year of Taxpayer in which the Committee’s recapture determination occurred.

  • TERM OF GRANT AGREEMENT The term of this Grant Agreement begins on JANUARY 1, 2024, and ends three (3) years following the final payment unless otherwise terminated or amended as provided in this Agreement. However, all work shall be completed by MARCH 31, 2026, and no funds may be requested after APRIL 15, 2026.

  • Grant Agreement) This represents the status at the time of signature of this Consortium Agreement.

  • Return of Grant Funds City may demand the immediate return of any previously disbursed Grant Funds that have been claimed or expended by Grantee in breach of the terms of this Agreement, together with interest thereon from the date of disbursement at the maximum rate permitted under applicable law.

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