08-27-07 Special Called Regular Meeting of Development Corporation

Browse Search

the time of the reclamation by the LPEDC. For purposes of this Agreement, LPEDC's right of recapture shall extend to and include all disbursements previously made to Recipient, regardless of whether said previous disbursements were made to Recipient in return for its having satisfied earlier performance milestones under Article I of this Agreement. In each such case, the previously paid cash payment or payments shall be remitted to the LPEDC within thirty (30) of receipt of written demand for same. In the event of any default by Recipient hereunder, including. but not limited to, use of the funds provided herein for purposes other than those stated in Article I of this Agreement, LPEDC may cease all future payments hereunder and terminate this Agreement. In addition, LPEDC shall have the right to reclaim and recapture, and Recipient shall refund, any funds that are not spent in accordance with the terms of this Agreement, including 1) LPEDC funds spent by Recipient in contravention of this Agreement and 2) any unspent and unobligated LPEDC funds previously paid to Recipient but not yet paid or pledged by Recipient to third parties. In each such case, the previously paid cash payment or payments shall be remitted to the LPEDC within thirty (30) days of receipt of written demand for same. Any breach of this covenant shall be grounds for immediate termination of the distribution of funds. Recipient also agrees that LPEDC and City may place a lien against the property made the subject of this Agreement and located at 1802 West 0 Street, to secure repayment, if necessary, and may enforce this Agreement by any and all other remedies available in law and equity. ARTICLE V The term of this Agreement is for a period beginning on the date of approval by LPEDC and La Porte City Council, and ending three years from the date of the payment by the LPEDC of the last installment of the proposed cash incentive to Recipient made pursuant to Article 1 of this Agreement. ARTICLE VI Recipient shall provide to the LPEDC within sixty (60) days following each installment payment made pursuant to Article 1 of this Agreement. a report and full documentation showing that expenditures were made by Recipient pursuant to this Agreement and that the funds provided by the LPEDC pursuant to this Agreement were used only for the purposes authorized by this Agreement and Texas Revised Civil Statutes Anno. Art. 5190.6, Section 48, et seq. Recipient shall maintain books of account with correct entries of all expenditures that are made according to the terms of this Agreement and of any funds from other sources. Any and all books of account of Recipient shall be at all times open to the inspection of LPEDC or the City or any its officers or duly authorized agents. Upon such inspection, LPEDC, the City or its officers or agents shall be afforded the opportunity to make photographic copies of any and all documentation of books of account, including but not limited to statements of account relating to the disposition of funds provided by LPEDC under this Agreement and any funds 5