Common use of Restrictions on Identity of Interest Clause in Contracts

Restrictions on Identity of Interest. Applicant shall be required to notify Grantee in writing prior to contracting with any Identity of Interest entity, and shall include in its audited financial statements a disclosure of all amounts paid to any Identity of Interest entity. Grantee will have the right, in its sole discretion, to require the cancellation of any contract between Applicant and any Identity of Interest entity at any time during the term of the contract, and all such contracts shall permit such cancellation. An “Identity of Interest” relationship exists if any officer, director, board member, or authorized agent of any project team member (including any consultant, general contractor, supplier, vendor, vendee, attorney, management agent, seller of the land, etc.): (1) is also an officer, director, board member or authorized agent of any other project team member; (2) has any financial interest in any other project team member’s firm or corporation; (3) is a business partner of an officer, director, board member, or authorized agent of any other project team member; (4) has a family relationship through blood, marriage or adoption with an officer, director, board member, or authorized agent of any project team member; or (5) advances any funds or items of value to the Applicant.