Permanent Closure. Should the Company permanently abandon, cease, or terminate operations at the Facility during the term of this Agreement, the City will be entitled to draw against the Security (as defined below) in the full amount of, but not to exceed, the cumulative LEDA City and State LEDA Funds disbursed to date. State Funds recovered by the City pursuant to the Security, if any, shall be paid to the State within 30 days after they are received by the City, and any property acquired or developed by the City as a result of this Project shall be used by the City for future economic development purposes only.
Appears in 2 contracts
Sources: Local Economic Development Participation Agreement, Local Economic Development Participation Agreement