Common use of Making the Grant Clause in Contracts

Making the Grant. Upon fulfillment of the applicable conditions set forth in Article II, the Authority will make the Grant available to the Grantee from time to time, subject to the provisions of Section 1.03. The sole funding source for the Grant shall be funds legally available from the State Housing Trust Fund. This Agreement shall not constitute an obligation or debt of the Authority or the State, except to the extent expressly described herein from monies held in the State Housing Trust Fund that are legally available for such purposes. Any termination, reduction or delay of funds available to the Authority due, in whole or in part, to (i) a deappropriation of revenues by the legislature, or (ii) any other reason beyond the control of the Authority, may, in the Authority’s discretion, result in the termination, reduction or delay of the disbursement of funds to the Grantee.