Ill. Admin. Code tit. 92 § 800.420

Current through Register Vol. 49, No. 1, January 3, 2025

Section 800.420 - Termination

a) Recipient's Termination:

The recipient shall have the right to terminate the contract in the event of a material breach of the contract by the Department. The recipient shall provide the Department with thirty days written notice in the exercise of its rights under this provision. The recipient will repay loaned amounts according to contract repayment provisions. The recipient will not be required to repay funds granted prior to termination.

b) Suspension of Funding or Termination by Department:

The Department shall have the right to suspend funding of the project at any time and for so long as recipient is in material breach of the contract as provided in Section 800.430(a) or in any way fails to substantially comply with material terms and conditions of the contract. If the Department determines that noncompliance cannot be cured then the Department shall terminate the contract upon thirty days written notice.

c) If the State exercises its right to terminate the contract, then all amounts loaned or granted shall be repaid to the State. If, for whatever reason, the loan recipient exercises its right to terminate the contract, then all amounts loaned shall be repaid to the State.

Ill. Admin. Code tit. 92, § 800.420