GRANT RECAPTURE Clause Samples

GRANT RECAPTURE. In the event of an Event of Default by Company which is not cured within the time periods set forth in Section 5 or in the otherwise additional time allowed by County as Company’s total cure period, and upon termination by County of this Agreement as set forth above, County may recapture and collect from Company the amount(s) of Grants already paid by County to Company for three (3) years directly preceding the date of the notice of default. Company shall pay to County the foregoing amount(s) within thirty (30) days after the County makes written demand for same. No further Grants shall then be payable to Company and this Agreement shall be of no further force or effect. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the amount(s) of the three (3) years of Grants as provided generally in the Texas Tax Code for the collection of delinquent Ad Valorem Taxes other than penalties and interest.
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GRANT RECAPTURE. The grant amount will be attached to the participating property as a Deed Restriction or 2nd Mortgage, which will expire according to the terms of the document and the chart below. Homeownership Assistance Amount Affordability Period <$15,000 5 years $15,000 - $30,000 10 years Grants value will be forgiven at a pro-rated amount per year, figured on the anniversary date of the closing date of the property, for five or ten years depending on the level of assistance. At the end of the final year, the full value of the grant will be forgiven.
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GRANT RECAPTURE. In the event that Company is in default of this Agreement, the County may recapture and collect from Company the Grant payments previously made to Company after providing Company written notice and a minimum period of thirty (30) days to cure such default, and the default has not been cured within said time. In the event Company does not so cure, Company shall pay to the County the all previously paid Grant payments within thirty (30) days after the County makes demand for same. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the Grant payments as provided generally in the Tax Code for the collection of delinquent property taxes.
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GRANT RECAPTURE. In the event that Developer is in default of this Agreement, the County may recapture and collect from Developer the reimbursements previously made to Developer after providing Developer written notice and a minimum period of thirty (30) days to cure such default, and the default has not been cured within said time. In the event Developer does not so cure, Developer shall pay to the County the all previously paid reimbursements within thirty (30) days after the County makes demand for same. In addition to other available remedies under law and equity, the County shall have all remedies for the collection of the reimbursements as provided generally in the Tax Code for the collection of delinquent property taxes.
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Related to GRANT RECAPTURE

  • Lease Grant The Premises are hereby leased to Tenant from Landlord, together with the right to use any portions of the Property that are designated by Landlord for the common use of tenants and others (the “Common Areas”).

  • Recapture In the event of a material breach of the requirements of this Agreement, GO-Biz will notify Taxpayer in writing of the breach and provide Taxpayer with the opportunity to cure the breach within thirty (30) business days or such longer period as mutually agreed to in writing between the Parties. If Taxpayer fails to cure the breach within the prescribed timeframe, GO-Biz will notify Taxpayer of the failure, the amount of the Allocation that it will recommend to the Committee to be recaptured, and may recommend termination of this Agreement to the Committee. If the material breach is solely the failure of Taxpayer to satisfy Milestones with respect to an Allocation for a particular taxable year, then the recapture will be limited to that particular taxable year’s Allocation and in no event shall a recapture under this Agreement include any Allocation or Allocations that Taxpayer had previously earned provided that Taxpayer satisfies its obligation to retain the required Milestones for three (3) subsequent taxable years. Upon receipt of recommendations from GO-Biz, the Committee will determine whether to accept or reject GO-Biz’s recommendation of recapture, the amount thereof, and the termination of this Agreement, based on Taxpayer’s failure to fulfill the terms and conditions of this Agreement. Upon approval of the Committee to recapture some or all of the Allocation awarded for failure of Taxpayer to fulfill the terms of this Agreement, GO-Biz will notify the FTB in writing as required under the applicable statutes and regulations. Any amount of additional tax resulting from that recapture shall be assessed by the FTB in the same manner as provided by RTC section 19051. The additional tax resulting from a recapture will be assessed in the taxable year of Taxpayer in which the Committee’s recapture determination occurred.

  • Commencement of Exercisability (a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. (b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Services shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. [

  • Usury Recapture In the event the rate of interest chargeable under this Agreement at any time is greater than the Maximum Rate, the unpaid principal amount of the Advances shall bear interest at the Maximum Rate until the total amount of interest paid or accrued on the Advances equals the amount of interest which would have been paid or accrued on the Advances if the stated rates of interest set forth in this Agreement had at all times been in effect. In the event, upon payment in full of the Advances, the total amount of interest paid or accrued under the terms of this Agreement and the Advances is less than the total amount of interest which would have been paid or accrued if the rates of interest set forth in this Agreement had, at all times, been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Administrative Agent for the account of the Lenders an amount equal to the difference between (i) the lesser of (A) the amount of interest which would have been charged on its Advances if the Maximum Rate had, at all times, been in effect and (B) the amount of interest which would have accrued on its Advances if the rates of interest set forth in this Agreement had at all times been in effect and (ii) the amount of interest actually paid under this Agreement on its Advances. In the event the Lenders ever receive, collect or apply as interest any sum in excess of the Maximum Rate, such excess amount shall, to the extent permitted by law, be applied to the reduction of the principal balance of the Advances, and if no such principal is then outstanding, such excess or part thereof remaining shall be paid to the Borrower.

  • Grant of Stock Option The Company hereby grants the Employee the Option to purchase all or any part of an aggregate number of shares of Common Stock as set forth on Schedule A (“Option Shares”) on the terms and conditions set forth herein and subject to the terms of the Plan.