Common use of Proceeds of a Sale Clause in Contracts

Proceeds of a Sale. Upon the sale of the Grant Recipient’s interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order. A. The first distribution shall be to the Commissioner of Management and Budget in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Management and Budget. B. The remaining portion, after the distribution specified in Section 3.03.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. Any remaining portion, after the distributions specified in Sections 3.03A and B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like-kind contributions for such acquisition and betterment, and the State Entity’s distribution shall be made to the Commissioner of Management and Budget. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Grant Recipient shall not be required to pay or reimburse the State Entity for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed.

Proceeds of a Sale. Upon the sale of the Grant Recipient’s interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order.: A. The first distribution shall be to the Commissioner of Management and Budget in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Management and Budget. B. The remaining portion, after the distribution specified in Section 3.03.A3.08.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. Any The remaining portion, after the distributions specified in Sections 3.03A and 3.08.A & B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like-like kind contributions for such acquisition and betterment, and the State Entity’s distribution shall be made to the Commissioner of Management and Budget. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Grant Recipient shall not be required to pay or reimburse the State Entity for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed.

Proceeds of a Sale. Upon the sale of the Grant Recipient’s interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order. A. The first distribution shall be to the Commissioner of Management and Budget in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Management and Budget. B. The remaining portion, after the distribution specified in Section 3.03.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. Any The remaining portion, after the distributions specified in Sections 3.03A 3.03.A and B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like-like kind contributions for such acquisition and betterment, and the State Entity’s distribution shall be made to the Commissioner of Management and Budget. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Grant Recipient shall not be required to pay or reimburse the State Entity for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed.

Proceeds of a Sale. Upon the sale of the Grant Recipient’s interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order. A. The first distribution shall be to the Commissioner of Management and Budget in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Management and Budget.. Generic General Fund Grant Agreement 9 Ver - 11/23/20 B. The remaining portion, after the distribution specified in Section 3.03.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. Any The remaining portion, after the distributions specified in Sections 3.03A 3.03.A and B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like-like kind contributions for such acquisition and betterment, and the State Entity’s distribution shall be made to the Commissioner of Management and Budget. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Grant Recipient shall not be required to pay or reimburse the State Entity for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed.

Proceeds of a Sale. Upon the sale of the Grant Recipient’s interest in the Real Property and, if applicable, the Facility the net proceeds thereof shall be disbursed in the following manner and order.: A. The first distribution shall be to the Commissioner of Management and Budget in an amount equal to the amount of the Grant actually disbursed, and if the amount of such net proceeds shall be less than the amount of the Grant actually disbursed then all of such net proceeds shall be distributed to the Commissioner of Management and Budget. B. The remaining portion, after the distribution specified in Section 3.03.A3.08.A, shall be distributed to pay in full any outstanding public or private debt incurred to acquire the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. Any The remaining portion, after the distributions specified in Sections 3.03A and 3.08.A & B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Grant Recipient’s interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like-like kind contributions for such acquisition and betterment, and the State Entity’s distribution shall be Generic XX Xxxxx Agreement 9 Ver - 11/23/20 made to the Commissioner of Management and Budget. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Grant Recipient shall not be required to pay or reimburse the State Entity for any funds above and beyond the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed.