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ARTICLEIII <br />Disbursementand/orretentionofthecashincentiveidentifiedinArticleIofthis <br />Agreementshallbemadeasfollows: <br />A.DisbursementshallbemadetoRecipient,subjecttothesatisfactionofthe <br />conditionsprecedentorconditionssubsequentcontainedwithinArticleIofthis <br />Agreement. <br />$42,057.86 <br />B.LPDC’sobligationtoRecipientshallnotexceed,norshallLPDCbe <br />obligatedtoreimburseRecipientforrequestsdeliveredtoLPDCafterthe <br />terminationofthisAgreement. <br />ARTICLEIV <br />TheRecipientunderstandsthatthefundspaidtotheRecipientbytheLPDCare <br />derivedfromtaxrevenuescollectedunderTexasLocalGovernmentCode505.252,and <br />thatLPDChasestimatedthetaxrevenuestobecollectedduringthetermofthis <br />Agreement.TheRecipientfurtherunderstands,acknowledges,andagreesthatifthetax <br />revenueactuallycollectedislessthan90%oftheestimatedtaxrevenuestobecollected <br />inanyfiscalyearduringthetermofthisAgreement,LPDCwillbeundernoobligationto <br />providefundingtotheRecipientforanypaymentorpaymentsduringorafterthefiscal <br />yearforwhichthereisarevenueshortfall.UponexecutionoftheAgreement,fundswill <br />beplacedinaCityofLaPortedesignatedcommitmentaccountforpurposesofthis <br />Agreement. <br />ARTICLEV <br />IntheeventofanydefaultbytheRecipienthereunder,including,butnotlimitedto, <br />useofthefundsprovidedhereinforpurposesotherthanthosestatedinArticleIofthis <br />Agreement,LPDCmayceaseallfuturepaymentshereunderandterminatethis <br />Agreement.Inaddition,LPDCshallhavetherighttoreclaimandrecapture,andthe <br />Recipientshallrefund,anyfundsthatarenotspentinaccordancewiththetermsofthis <br />Agreement,including1)LPDCfundsspentbytheRecipientincontraventionofthis <br />Agreementand2)anyLPDCfundspreviouslypaidtotheRecipientbutnotyetspentby <br />Recipient.Ineachsuchcase,thepreviouslypaidcashpaymentorpaymentsshallbe <br />remittedtotheLPDCwithinsixty(60)ofreceiptofwrittendemandforsame. <br />Anybreachofthiscovenantshallbegroundsforimmediateterminationofthe <br />distributionoffunds. <br />ARTICLEVI <br />ThetermofthisAgreementwillexpireone(1)yearfromthedateonwhichtheCity <br />Councilapprovedtheproject. <br />4 <br /> <br />