REVERSION OF ASSETS. In the event this contract is terminated, due to breach, convenience, or expiration, the Developer agrees to transfer ownership of any real property purchased with HOME funds under this agreement or any prior written agreement, to the City, upon written notification. This clause shall not apply if the project has been completed as contractually agreed, and the applicable affordability period has expired.
Appears in 16 contracts
Samples: Funding Agreement, Funding Agreement, Grant Agreement
REVERSION OF ASSETS. In the event this contract is terminated, due to breach, convenience, or expiration, the Developer Agency agrees to transfer ownership of any real property purchased with HOME funds under this agreement or any prior written agreement, to the City, upon written notification. This clause shall not apply if the project has been completed as contractually agreed, and the applicable affordability period has expired.
Appears in 2 contracts
Samples: Grant Agreement, Grant Agreement
