TOTAL FACILITIES GRANT Sample Clauses

TOTAL FACILITIES GRANT. 3.1 The Parties hereby agreed that, subject to the execution of a Project Funding Agreement for the Proposed Project and subject to the satisfaction of or compliance with, as reasonably determined by the Authority, (a) all of the terms and conditions of this Project Scope and Budget Agreement, (b) the applicable provisions of Chapter 70B, Chapters 208 and 210 of the Acts of 2004, and 963 CMR 2.00 et seq., and (c) any other rule, regulation, policy, guideline, approval, or directive of the Authority, the Authority hereby approves the following Estimated Maximum Total Facilities Grant for the Project: an amount that, except as specifically provided in this Section 3.1, shall not exceed the lesser of (i) % of the final approved, total eligible Project costs, as determined by the Authority, (“Reimbursement Rate”) or (ii) an estimated Total Facilities Grant of $ (“Estimated Maximum Total Facilities Grant”). Notwithstanding the foregoing, the Authority may determine, in its sole discretion, and subject to the limitations set forth in Section 2.1 of this Agreement, that expenditures from the owner’s contingency and construction contingency line items of the Total Project Budget, so-called, are eligible for reimbursement, and in the event of any such determination, the Authority may adjust the above-stated Estimated Maximum Total Facilities Grant amount to account for the eligible, approved owner’s contingency and construction contingency expenditures up to a final, maximum Total Facilities Grant of $ (“Maximum Total Facilities Grant”). In no event shall the Maximum Total Facilities Grant, including any eligible owner’s and construction contingency amounts, exceed $ . The Parties hereby acknowledge and agree that the Estimated Maximum Total Facilities Grant and the Maximum Total Facilities Grant amounts set forth in this Section 3.1 and Exhibit A, are maximum amounts of funding that the District may receive from the Authority for the Project, and that the final amount of the Total Facilities Grant may equal an amount less than either the Estimated Maximum Total Facilities Grant or the Maximum Total Facilities Grant set forth herein, as determined by an audit conducted by the Authority. Any costs and expenditures that are determined by the Authority to be either in excess of the Total Facilities Grant or otherwise ineligible for payment by the Authority shall be the sole responsibility of the District. The Reimbursement Rate set forth above, and as more fully descr...

TOTAL FACILITIES GRANT. 3.1 The Parties hereby agree that, subject to execution of a Project Funding Agreement for the Proposed Project and subject to the provisions of Section 3 and the satisfaction of the covenants set forth in Section 4 of this Agreement, the Total Facilities Grant for the Project shall be equal to percent ( %) of eligible, approved costs incurred by the District in connection with the Project, as determined by the Authority (“Reimbursement Rate”), up to a maximum grant amount that shall under no circumstances exceed $ , except as specifically provided in this Section. The Parties hereby acknowledge and agree that the final amount of the Total Facilities Grant may equal an amount less than $ . Any costs in excess of the maximum Total Facilities Grant amount shall be the sole responsibility of the District. All costs incurred by the District in connection with the Project are subject to review and audit by the Authority, as shall be further detailed in the Project Funding Agreement. The Reimbursement Rate set forth above, and as more fully described in the reimbursement rate summary, attached hereto as Exhibit “H”, includes a total of ( ) incentive reimbursement points which include(s) ( ) point(s) for , ( ) point(s) for , and ( ) point(s) for pursuant to X.X. x. 00X, § 00(x)(X) that have been provisionally assigned subject to a final determination by the Authority as to the District’s eligibility to receive such incentive reimbursement points. The Reimbursement Rate set forth above and the Total Facilities Grant shall be subject to a decrease, as provided in Section 3.2 of this Agreement, if the Authority determines, in its sole discretion, that the District is ineligible to receive any portion of the incentive reimbursement points that have been provisionally assigned for , , and/or .or such other incentive reimbursement points that may be assigned by the Authority. 3.2 The Reimbursement Rate for the Proposed Project is calculated as set forth in the reimbursement rate summary, attached hereto as Exhibit “H”, and shall be subject to the provisions of M.G.L. c. 70B, 963 CMR 2.00 et seq., and the policies and guidelines of the Authority. Any incentive reimbursement points that may be included in the calculation of the Reimbursement Rate, as it may be amended from time to time by the written agreement of the Authority, must be earned, as determined by the Authority in its sole discretion, and shall be subject to audit by the Authority. If the Authority determine...