Procedures for release of the Federal Interest.

CFR · 2024-01-01 · US · Title 13

(a) (b) (c) (d) (1) The Recipient has made a good faith effort to fulfill all terms and conditions of the award of Investment Assistance; and (2) The economic development benefits as set out in the award of Investment Assistance have been achieved. (3) See paragraph (e) of this section for limitations and covenants of use that are applicable to any release of the Federal Interest. (e) (2) In determining whether to release the Federal Interest, EDA will review EDA's legal authority to release its interest, including the Recipient's performance under and conformance with the terms and conditions of the Investment Assistance; any use of Project Property in violation of § 314.3 or § 314.4; and other such factors as EDA deems appropriate. When requesting a release of the Federal Interest pursuant to this section, the Recipient will be required to disclose to EDA the intended future use of the Real Property or the tangible Personal Property for which the release is requested. (i) A Recipient not intending to use the Real Property or tangible Personal Property for explicitly religious activities following EDA's release will be required to execute a covenant of use. A covenant of use with respect to Real Property shall be recorded in the jurisdiction where the Real Property is located in accordance with § 314.8. A covenant of use with respect to items of tangible Personal Property shall be perfected and recorded in accordance with applicable law, with continuances re-filed as appropr

official document · source cfr-2024 · id 13:§ 314.10