Common use of OPTION TO TERMINATE AGREEMENT Clause in Contracts

OPTION TO TERMINATE AGREEMENT. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time Period, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments accrued and not yet paid as of termination under Articles IV, V, or Supplemental Payments payable under Article VI for the year of termination, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under this provision shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period.

OPTION TO TERMINATE AGREEMENT. In the event the Applicant determines that it will not commence or complete construction of the Applicant’s Qualified Investment during the Qualifying Time PeriodInvestment, the Applicant shall have the option, prior to the commencement of the Tax Limitation Period, to terminate this Agreement pursuant to Section 7.1 by notifying the District in writing of its exercise of such option. Applicant shall pay any payments accrued due and not yet paid as of termination under Articles IV, Article V, or Supplemental Payments payable under Article VI for the year of terminationtermination or payments deferred from prior years pursuant to Section 6.3, within thirty (30) days after Applicant delivers its termination election. Any termination of this Agreement under the foregoing provision of this provision Section 4.10 shall be effective immediately. This option shall expire upon commencement of the Tax Limitation Period.