Price and Manner of Payment by Authority for Facility. The Authority shall pay to the State or the Educational Institution, as the case may be, as the purchase price for the Facility the amount paid or incurred by the State or the Educational Institution, as the case may be, for the Authority's Facility Cost, but the total amount paid by the Authority for the Facility shall not exceed the amount approved by Section 2.1. The purchase price for the Facility shall be paid on behalf of the Authority by the Trustee to the Educational Institution or the State from time to time from moneys in the Acquisition Account upon presentation of the requisition certificates (which shall constitute covenants of the Educational Institution or the State to the Authority and the Trustee). The Educational Institution shall convey the Site to the Authority without cost to the Authority.
Appears in 4 contracts
Samples: Construction and Completion Assurance Agreement, Construction Agreement, Lease Agreement
