N.Y. Comp. Codes R. & Regs. Tit. 9 § 6404.12 - Repayment of funds
(a) The
organization shall provide the council with 30 days prior notice of any sale or
other disposition of the property or termination of the lease which occurs
prior to the expiration of the useful life of the project or, if financial
assistance was provided in the form of a loan, prior to the expiration of the
term of the loan. Upon receipt of such notice, the council shall require the
owner of the property or the guarantor to repay to the council:
(1) if financial assistance was provided in
the form of a grant, an amount equal to that portion of the approved costs of
the project financed by the financial assistance less accumulated depreciation
as of the date of such sale, disposition or termination;
(2) if financial assistance was provided in
the form of a loan, an amount equal to the unpaid balance of the loan;
or
(3) if financial assistance was
provided in a combination of a grant and a loan, an amount equal to:
(i) the grant portion less accumulated
depreciation; and
(ii) the unpaid
balance of the loan portion.
(b) In the event that the council finds that
a project is not completed, or is not completed in accordance with the terms of
the cultural services contract, the council shall notify the organization which
received financial assistance of the breach and shall either foreclose on the
lien obtained on the property or require the guarantor to repay the full amount
of the financial assistance provided in the form of a grant or the outstanding
balance of financial assistance provided in the form of a loan within 30 days
of such notice; provided, however, that upon a showing of good cause by the
organization, the council shall grant an extension on the time period in which
to foreclose or require repayment of up to 90 days from the date of such
finding to allow the organization to complete the project in accordance with
the terms of the cultural services contract. The council shall not permit more
than two such extensions.
Notes
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