Common use of Repayment of Grant Funds Clause in Contracts

Repayment of Grant Funds. (i) If the Business closes or moves its primary principal office address out of the County before the Interim Performance Report is due, the Business will be required to repay all funds received from the Grant Program. If the Business closes or moves its principal office address out of the County after submitting a timely Interim Performance Report but before the end of the Grant Term, the Business will be required to repay 50% of the funds received from the Grant Program. (ii) If the Business fails to submit its Initial Performance Report within 60 days of the due date, the Business will be required to repay all funds received from the Grant Program, and the XXX will not disburse the remaining 50% of the Grant. If the Business fails to submit its Interim Performance Report within 60 days of the due date, the Business will be required to repay all of funds received from the Grant Program. If the Business fails to submit its Final Performance Report within 60 days of the due date, the Business will be required to repay 50% of the funds received from the Grant Program. (iii) If the Business is found to have used Grant funds for illegal or otherwise unauthorized purposes, as detailed in Section 1(e), the Business will be required to repay all funds received from the Grant Program. (iv) If the Business is later revealed to have been untruthful in its application materials, the Business will be required to repay all funds received from the Grant Program.