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11. TERMINATION OF AGREEMENT. This Agreement may be <br />terminated at any time by affirmative vote of a majority of the <br />legislative bodies of the Parties to this Agreement. <br />Upon termination of this Agreement, all property acquired during <br />the life of the Agreement will be disposed of in the following <br />manner: <br />a. all property contributed without charge by any <br />Party will revert to the contributing Party; <br />b. all property purchased on behalf of SKHHP after the <br />effective date of this Agreement will be distributed to the Parties <br />based on each Party's pro rata contribution to the overall budget <br />at the time the property was purchased; <br />c. except as provided in Subsection d. below, all <br />unexpended or reserve funds will be distributed to the Parties <br />based on each Party's pro rata contribution to the overall budget <br />in effect at the time the Agreement is terminated; <br />d. all uncommitted monies in the Housing Capital Funds <br />Account will be distributed to the Parties by remitting the total <br />uncommitted amounts remaining in each Party's Individual Account <br />(as described in Section 14) to that Party; and <br />e. each Party that has funded a project through the <br />Housing Capital Funds Account will be substituted for the <br />Administering Agency with regard to all project financing <br />documents, and the Administering Agency will be released from <br />further obligations with respect thereto. <br />12. WITHDRAWAL. If a Party wishes to withdraw from <br />participation in this Agreement, it may do so after the initial <br />two year term if it first gives three months advance written notice <br />to the Executive Board of its intention to withdraw, which notice <br />will be due on or before October 1, 2020. If notice of an intent <br />to withdraw is timely received, withdrawal will be effective as of <br />11:59 p.m. on December 31, 2020. The initial members of SKHHP <br />agree they will participate for at least the first two years of <br />the collaboration. <br />After January 1, 2021, an opportunity is provided once per year <br />for a Party to withdraw from this Agreement. Under this provision, <br />advance written notice must be provided to the Executive Board on <br />or before July 1, of its intention to withdraw from participation <br />in the Agreement, effective as of 11:59 p.m. on December 31st of <br />that current year. <br />11 <br />SKHHP Interlocal Agreement February 06, 2019 <br />