Recapture Formula Sample Clauses

Recapture Formula. If the Project is not used for the purpose set forth in this Agreement or other use approved by the Secretary, the LPA shall pay back to the Secretary a percentage of the Secretary’s share as follows: 1) Violates in 1st year of 10-year period: 100% of the Secretary’s Share 2) Violates in 2nd year of 10-year period: 90% of the Secretary’s Share 3) Violates in 3rd year of 10-year period: 80% of the Secretary’s Share 4) Violates in 4th year of 10-year period: 70% of the Secretary’s Share 5) Violates in 5th year of 10-year period: 60% of the Secretary’s Share 6) Violates in 6th year of 10-year period: 50% of the Secretary’s Share 7) Violates in 7th year of 10-year period: 40% of the Secretary’s Share 8) Violates in 8th year of 10-year period: 30% of the Secretary’s Share 9) Violates in 9th year of 10-year period: 20% of the Secretary’s Share 10) Violates in 10th year of 10-year period: 10% of the Secretary’s Share Any payments due to the Secretary pursuant to this subparagraph (d) shall be made within ninety (90) days after receipt of billing from the Secretary’s Chief of Fiscal Services.