Common use of Repayment of Funds to NCC Clause in Contracts

Repayment of Funds to NCC. (a) If for any reason whatsoever, the purchase of the Property described in the Project is not completed on the date set out in the First Installment Invoice, then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust shall make the reimbursement payment to NCC within 5 business days of receipt of such notice. (b) If Project Funds are used for purposes other than as permitted in section 5.01 the amount of the improperly used funds shall be reimbursed to NCC. (c) If the Land Trust fails to secure and use Matching Funds for the purposes of the Project in the ratio of two dollars of Matching Funds for every one dollar of Project Funding provided to the Land Trust by NCC, then the Land Trust shall reimburse NCC in the amount required to restore the required 2:1 ratio of Matching Funds.

Repayment of Funds to NCC. (a) If for any reason whatsoever, the purchase of the Property described in the Project is not completed on the date set out in the First Installment Invoice, then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust shall make the reimbursement payment to NCC within 5 business days of receipt of such notice. (b) If Project Funds are used for purposes other than as permitted in section 5.01 5.02 and 5.03 the amount of the improperly used funds shall be reimbursed to NCC. (c) If the Land Trust fails to secure and use Matching Funds for the purposes of the Project in the ratio of two dollars one dollar and fifty cents of Matching Funds for every one dollar of Project Funding provided to the Land Trust by NCC, then the Land Trust shall reimburse NCC in the amount required to restore the required 2:1 1.5:1 ratio of Matching Funds.

Repayment of Funds to NCC. (a) If for any reason whatsoever, the purchase of the Property described in the Project is not completed on the date set out in the First Installment Invoice, then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust shall make the reimbursement payment to NCC within 5 business days of receipt of such notice. (b) If Project Funds are used for purposes other than as permitted in section 5.01 5.02 and 5.03 the amount of the improperly used funds shall be reimbursed to NCC. (c) If the Land Trust fails to secure and use Matching Funds for the purposes of the Project in the ratio of two dollars of Matching Funds for every one dollar of Project Funding provided to the Land Trust by NCC, then the Land Trust shall reimburse NCC in the amount required to restore the required 2:1 ratio of Matching Funds.