Common use of Repayment of Funds to NCC Clause in Contracts

Repayment of Funds to NCC. It is acknowledged that Project funding under this Agreement is available from the NHCP Program for a limited time. Accordingly, the Land Trust shall not extend the scheduled date for completion of the Project with the vendor to a date later than December 15, 2022. In addition, if for any reason whatsoever, acquisition of the Property may not be completed on or before December 15, 2022 then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust or the legal representative (notary) for the Land Trust shall make the reimbursement payment to NCC within 5 business days of receipt of such notice. If Project Funds are used for purposes other than as permitted in section 5.02 and 5.03 the amount of the improperly used funds shall be reimbursed to NCC. If the Land Trust fails to secure and use Matching Funds for the purposes of the Project in the ratio of 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 1.5:1 ratio of Matching Funds.

Repayment of Funds to NCC. It is acknowledged that Project funding under this Agreement is available from the NHCP Program for a limited time. Accordingly, the Land Trust shall not extend the scheduled date for completion of the Project with the vendor to a date later than December 15, 20222021. In addition, if for any reason whatsoever, acquisition of the Property may not be completed on or before December 15, 2022 2021 then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust or the legal representative (notary) for the Land Trust shall make the reimbursement payment to NCC within 5 business days of receipt of such notice. If Project Funds are used for purposes other than as permitted in section 5.02 and 5.03 the amount of the improperly used funds shall be reimbursed to NCC. If the Land Trust fails to secure and use Matching Funds for the purposes of the Project in the ratio of 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 1.5:1 ratio of Matching Funds.

Repayment of Funds to NCC. (a) It is acknowledged that Project funding under this Agreement is available from the NHCP Program for a limited time. Accordingly, the Land Trust shall not extend the scheduled date for completion of the Project with the vendor to a date later than December 15, 2022. In addition, if for any reason whatsoever, acquisition of the Property may not be completed on or before December 15, 2022 then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust or the legal representative (notary) for 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 5.02 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 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 1.5:1 ratio of Matching Funds.

Repayment of Funds to NCC. (a) It is acknowledged that Project funding under this Agreement is available from the NHCP Program for a limited time. Accordingly, the Land Trust shall not extend the scheduled date for completion of the Project with the vendor to a date later than December 15, 20222021. In addition, if for any reason whatsoever, acquisition of the Property may not be completed on or before December 15, 2022 2021 then NCC may provide notice to the Land Trust requiring reimbursement of the First Installment payment and the Land Trust or the legal representative (notary) for 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 5.02 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 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 1.5:1 ratio of Matching Funds.