New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter XLII - New York State Environmental Facilities Corporation › Part 2606 - New York State Financial Assistance To Business Program › Section 2606.6 - State assistance contract

Current through Register Vol. 46, No. 28, July 10, 2024
In order to receive State assistance, a project owner shall
				  enter into a State assistance contract with the corporation. Such State
				  assistance contract may include, without limitation, the following:
(a) A certification by the project owner that
				it possesses, or shall timely obtain, any permits, licenses or other documents
				necessary to design, construct, operate and maintain the project.
(b) A certification by the project owner that
				any facilities or equipment funded with State assistance pursuant to this Part
				will remain in the State, or in a specified area of the State, for the useful
				life of such equipment.
(c) A
				certification by the project owner that it will procure and maintain, at its
				own expense, property liability insurance covering the certified equipment or
				facilities financed with State assistance for their useful life, in adequate
				amounts, and provided by insurance companies licensed to do business in the
				State. The project owner shall agree to furnish to the corporation a
				certificate in a form satisfactory to the corporation evidencing such
				insurance, and naming the corporation as an additional insured, additional
				assured or loss payee.
(d) A
				certification by the project owner that it will accept delivery of, construct,
				install, operate and maintain the facilities or equipment financed in whole or
				part with State assistance at its place of business in compliance with all
				applicable Federal, State and local laws, regulations, and guidance for the
				useful life of such equipment.
(e)
				A certification by the project owner that it is not the subject of any pending
				or contemplated proceeding under bankruptcy, reorganization or insolvency laws,
				and is not subject to a bankruptcy, liens or claims, not disclosed to the
				corporation.
(f) An agreement by
				the project owner to defend, indemnify, save and hold harmless the corporation,
				any municipality which has approved the project, the State, and their agents
				and employees, from and against all claims, damages, losses, expenses,
				including, without limitation, reasonable attorneys fees, arising out of or in
				consequence of any negligent act or omission or intentional act of the project
				owner by reason of any execution of the State assistance contract, the RFA or
				any other document relating to the project owner's receipt of State assistance
				under this Part, or the performance of work, construction, installation,
				operation or maintenance of the facilities or equipment financed in whole or
				part with State assistance.
(g) An
				agreement by the project owner to defend, at its own cost and expense, any
				action or proceeding commenced by or against the project owner and, at the
				written request of the corporation, the State or any municipality which has
				approved the project, any action or proceeding against the corporation, the
				State or any municipality which has approved the project, for the purpose of
				asserting or defending any claim arising out of the FAB Program. In addition,
				an agreement by the project owner that, in any case where the project owner is
				defending the corporation, the State or any municipality which has approved the
				project, the project owner may not settle any such case without the prior
				written consent of that respective party.
(h) An agreement by the project owner that
				its successors and assigns shall be bound by the terms and conditions of the
				State assistance contract.
(i) An
				acknowledgment by the project owner that any breach of any of the terms,
				conditions, or covenants of the State assistance contract may result in the
				project owner having to repay the corporation for the value of State assistance
				paid by the corporation to, or on behalf of, such project owner.
(j) An acknowledgment by the project owner
				that the corporation possesses a right of inspection during normal business
				hours of the facilities or equipment financed, in whole or part, with State
				assistance.
(k) An agreement by the
				corporation to reimburse certain costs of the eligible project, subject to
				certain conditions including the availability of funds.
(l) An acknowledgment by the project owner
				that in the event the corporation declares the project owner to be in default,
				the corporation shall be entitled to withhold State assistance, and to seek any
				remedy available to the corporation at law or in equity to recover State
				assistance paid by the corporation to, or on behalf of, the project owner, and
				to recover reasonable attorneys fees and costs.