Recapture Event. The Authority shall be entitled to recover from Business Owner all or any portion of the Development Assistance upon the occurrence of a Recapture Event. The term “Recapture Event” means one or more of the following: (a) Business Owner uses the Development Assistance for purposes other than the Approved Improvements; or (b) Business Owner fails to comply with or to satisfy any other material terms and conditions contained in this Agreement. The Authority’s right to recapture all or any portion of the Development Assistance shall be enforceable by all available means against any assets of Business Owner. Business Owner must immediately report to the Authority any indication of fraud, waste, abuse or any other potentially improper activity pertaining to the Development Assistance.
Appears in 2 contracts
Sources: Small Business Enhancement Agreement, Small Business Enhancement Agreement