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ARTICLE III <br /> <br />Disbursement and/or retention of the cash incentive identified in Article I of this Agreement shall <br />be made as follows: <br />A. Disbursement shall be made to Recipient, subject to the satisfaction of the conditions precedent <br />or conditions subsequent contained within Article I of this Agreement. <br /> <br />B. LPDCobligation to Recipient shall not exceed $85,000.00, nor shall LPDC be obligated to <br />reimburse Recipient for requests delivered to LPDC after the termination of this Agreement. <br />ARTICLE IV <br /> <br />Recipient understands that the funds paid to Recipient by the LPDC are derived from tax <br />revenues collected under Texas Local Government Code 505.252, and that LPDC has estimated the <br />tax revenues to be collected during the term of this Agreement. Recipient further understands, <br />acknowledges, and agrees that if the tax revenue actually collected is less than 90% of the estimated <br />tax revenues to be collected in any fiscal year during the term of this Agreement, LPDC will be under <br />no obligation to provide funding to Recipient for any payment or payments during or after the fiscal year <br />for which there is a revenue shortfall. Upon execution of the Agreement, funds will be placed in a City <br />of La Porte designated commitment account for purposes of this Agreement. <br />ARTICLE V <br /> <br />In the event of any default by Recipient hereunder, including, but not limited to, use of the funds <br />provided herein for purposes other than those stated in Article I of this Agreement, LPDC may cease <br />all future payments hereunder and terminate this Agreement. In addition, LPDC shall have the right to <br />reclaim and recapture, and Recipient shall refund, any funds that are not spent in accordance with the <br />terms of this Agreement, including 1) LPDC funds spent by Recipient in contravention of this Agreement <br />and 2) any LPDC funds previously paid to Recipient but not yet spent by Recipient. In each such case, <br />the previously paid cash payment or payments shall be remitted to the LPDC within sixty (60) of receipt <br />of written demand for same. <br />Any breach of this covenant shall be grounds for immediate termination of the distribution of <br />funds. <br />ARTICLE VI <br /> <br />The term of this Agreement is for a period beginning on the date of approval by LPDC and ending <br />July 31, 2026. <br />ARTICLE VII <br /> <br />All funds provided by the LPDC pursuant to this Agreement may be used only for the purposes <br />authorized by this Agreement. Notwithstanding Article I, above, City shall be under no obligation to <br />4 <br /> <br />