Common use of Post Termination Provisions Clause in Contracts

Post Termination Provisions. 1. If this Charter is not renewed or is terminated, the School shall be responsible for all the debts of the School. The Sponsor shall not assume the debt from any contract for services including lease or rental agreements, made between the School and a third party, except for a debt previously detailed and agreed upon, in writing, by both the Sponsor and the Governing Board and that may not reasonably be assumed to have been satisfied by the Sponsor. 2. In the event of termination or non-renewal of this Charter, any and all leases existing between the Sponsor and the School shall be automatically cancelled, unless the lease provides otherwise. However, it is agreed that the Sponsor shall have, for a period of thirty (30) days subsequent to a termination or non-renewal, the first right to refusal to secure the lease on, or to purchase or possess the facilities used as the School’s site. The School agrees that any lease obtained by the School with any third person shall include a provision that will grant the Sponsor such a right of first refusal. In no event shall the Sponsor be responsible under any assignment of a lease for any debts or obligations of the School incurred prior to such assignment. 3. In the event of termination or non-renewal any students enrolled at the School may be enrolled at their home District school, or another school, consistent with the Sponsor’s student transfer procedures including transfer of all student records to the receiving school. All assets of the School purchased with public funds, including supplies, furniture and equipment, will revert to full ownership of the Sponsor (subject to any lawful liens or encumbrances) or as otherwise provided by law. Any unencumbered public funds from the charter school, district school board property and improvements, furnishings, and equipment purchased with public funds, or financial or other records pertaining to the School, in the possession of any person, entity, or holding company, other than the School, shall be held in trust upon the Sponsor’s request, until any appeal is resolved. If the School’s accounting records fail to clearly establish whether a particular asset was purchased with public funds, then it shall be presumed public funds were utilized and ownership of the asset shall automatically revert to the Sponsor. Property and assets purchased with public funds shall be defined as all property, whether real or personal, purchased with grants and funds provided by a governmental entity. 4. Final Audit: Pursuant to section 1002.33, Florida Statutes, upon notice of non- renewal, closure, or termination, an independent audit shall be completed within 30 days to account for all public funds and assets. During the fiscal year in which the termination or non-renewal occurs, the Sponsor may withhold from the School’s FEFP funds, without penalty or interest, an amount necessary to cover the costs for a final financial audit of the School. The audit shall be conducted by an independent certified public accountant.

Post Termination Provisions. 1. If this Charter is not renewed or is terminated, the School shall be responsible for all the debts of the School. The Sponsor shall not assume the debt from any contract for services including lease or rental agreements, made between the School and a third party, except for a debt previously detailed and agreed upon, in writing, by both the Sponsor and the Governing Board and that may not reasonably be assumed to have been satisfied by the Sponsor. 2. In the event of termination or non-renewal of this Charter, any and all leases existing between the Sponsor and the School shall be automatically cancelled, unless the lease provides otherwise. However, it is agreed that the Sponsor shall have, for a period of thirty (30) days subsequent to a termination or non-renewal, the first right to refusal to secure assume the lease on, or to purchase or possess the facilities used as the School’s site. The School agrees that any lease obtained by the School with any third person shall include a provision that will grant the Sponsor such a right of first refusalto assume the lease. In no event shall the Sponsor be responsible under any assignment of a lease for any debts or obligations of the School incurred prior to such assignment. 3. In the event of termination or non-renewal any students enrolled at the School may be enrolled at their home District school, or another school, consistent with the Sponsor’s student transfer procedures including transfer of all student records to the receiving school. All assets of the School purchased with public funds, including supplies, furniture and equipment, will revert to full ownership of the Sponsor (subject to any lawful liens or encumbrances) or as otherwise provided by law. Any unencumbered public funds from the charter school, district school board property and improvements, furnishings, and equipment purchased with public funds, or financial or other records pertaining to the School, in the possession of any person, entity, or holding company, other than the School, shall be held in trust upon the Sponsor’s request, until any appeal is resolved. If the School’s accounting records fail to clearly establish whether a particular asset was purchased with public funds, then it shall be presumed public funds were utilized and ownership of the asset shall automatically revert to the Sponsor. Property and assets purchased with public funds shall be defined as all property, whether real or personal, purchased with grants and funds provided by a governmental entity. 4. Final Audit: Pursuant to section 1002.33, Florida Statutes, upon notice of non- renewal, closure, or termination, an independent audit shall be completed within 30 days to account for all public funds and assets. During the fiscal year in which the termination or non-renewal occurs, the Sponsor may withhold from the School’s FEFP funds, without penalty or interest, an amount necessary to cover the costs for a final financial audit of the School. The audit shall be conducted by an independent certified public accountant.

Post Termination Provisions. 1. If this Charter is not renewed or is terminated, the School shall be responsible for all the debts of the School. The Sponsor shall not assume the debt from any contract for services including lease or rental agreements, made between the School and a third party, except for a debt previously detailed and agreed upon, in writing, by both the Sponsor and the Governing Board and that may not reasonably be assumed to have been satisfied by the Sponsor. 2. In the event of termination or non-renewal of this Charter, any and all leases existing between the Sponsor and the School shall be automatically cancelled, unless the lease provides otherwise. However, it is agreed that the Sponsor shall have, for a period of thirty (30) days subsequent to a termination or non-renewal, the first right to refusal to secure the lease on, or to purchase or possess the facilities used as the School’s site. The School agrees that any lease obtained by the School with any third person shall include a provision that will grant the Sponsor such a right of first refusal. In no event shall the Sponsor be responsible under any assignment of a lease for any debts or obligations of the School incurred prior to such assignment. 3. In the event of termination or non-renewal any students enrolled at the School may be enrolled at their home District school, or another school, consistent with the Sponsor’s student transfer procedures including transfer of all student records to the receiving school. All assets of the School purchased with public fundsfunds acquired from or through the Sponsor, including supplies, furniture and equipment, will revert to full ownership of the Sponsor (subject to any lawful liens or encumbrances) or as otherwise provided by law. Any unencumbered public funds from the charter schoolschool acquired from or through the Sponsor, district school board property and improvements, furnishings, and equipment purchased with public fundsfunds acquired from or through the Sponsor, or financial or other records pertaining to the School, in the possession of any person, entity, or holding company, other than the School, shall be held in trust upon the Sponsor’s request, until any appeal is resolved. If the School’s accounting records fail to clearly establish whether a particular asset was purchased with public fundsfunds acquired from or through the Sponsor, then it shall be presumed such public funds were utilized and ownership of the asset shall automatically revert to the Sponsor. Property and assets purchased with public funds shall be defined as all property, whether real or personal, purchased with grants and funds provided by a governmental entityfrom or through the Sponsor. 4. Final Audit: Pursuant to section 1002.33, Florida Statutes, upon notice of non- renewal, closure, or termination, an independent audit shall be completed within 30 days to account for all public funds and assets. During the fiscal year in which the termination or non-renewal occurs, the Sponsor may withhold from the School’s FEFP funds, without penalty or interest, an amount necessary to cover the costs for a final financial audit of the School. The audit shall be conducted by an independent certified public accountant.