TOTAL FACILITIES GRANT Sample Clauses
The Total Facilities Grant clause defines the total amount of funding provided for the construction, renovation, or improvement of facilities under an agreement. This clause typically specifies the maximum grant amount available, outlines the types of expenses that are eligible for reimbursement, and may set conditions for disbursement, such as project milestones or compliance with certain standards. Its core practical function is to establish clear financial boundaries and expectations for both parties, ensuring that the scope of funding is understood and that the grantor's financial exposure is limited.
TOTAL FACILITIES GRANT. 3.1 The Parties hereby agreed that, subject to the execution of a Project Funding Agreement for the Proposed Project and subject to the satisfaction of or compliance with, as reasonably determined by the Authority, (a) all of the terms and conditions of this Project Scope and Budget Agreement, (b) the applicable provisions of Chapter 70B, Chapters 208 and 210 of the Acts of 2004, and 963 CMR 2.00 et seq., and (c) any other rule, regulation, policy, guideline, approval, or directive of the Authority, the Authority hereby approves the following Estimated Maximum Total Facilities Grant for the Project: an amount that, except as specifically provided in this Section 3.1, shall not exceed the lesser of (i) % of the final approved, total eligible Project costs, as determined by the Authority, (“Reimbursement Rate”) or (ii) an estimated Total Facilities Grant of $ (“Estimated Maximum Total Facilities Grant”). Notwithstanding the foregoing, the Authority may determine, in its sole discretion, and subject to the limitations set forth in Section 2.1 of this Agreement, that expenditures from the owner’s contingency and construction contingency line items of the Total Project Budget, so-called, are eligible for reimbursement, and in the event of any such determination, the Authority may adjust the above-stated Estimated Maximum Total Facilities Grant amount to account for the eligible, approved owner’s contingency and construction contingency expenditures up to a final, maximum Total Facilities Grant of $ (“Maximum Total Facilities Grant”). In no event shall the Maximum Total Facilities Grant, including any eligible owner’s and construction contingency amounts, exceed $ . The Parties hereby acknowledge and agree that the Estimated Maximum Total Facilities Grant and the Maximum Total Facilities Grant amounts set forth in this Section 3.1 and Exhibit A, are maximum amounts of funding that the District may receive from the Authority for the Project, and that the final amount of the Total Facilities Grant may equal an amount less than either the Estimated Maximum Total Facilities Grant or the Maximum Total Facilities Grant set forth herein, as determined by an audit conducted by the Authority. Any costs and expenditures that are determined by the Authority to be either in excess of the Total Facilities Grant or otherwise ineligible for payment by the Authority shall be the sole responsibility of the District. The Reimbursement Rate set forth above, and as more fully descr...