Section 457-322-5 - GRANT TERMS AND CONDITIONS1. A recipient shall be eligible for a grant up to $300,000.00. Grants will be disbursed directly to the applicant.2. Upon approval of an application by the Authority, the Authority shall notify the applicant of the amount of the grant in a grant award notification letter, which shall contain the general terms and conditions of the grant.3. Prior to disbursement of any Maine Food Processing Grant, the applicant shall enter into a Grant Agreement with the Authority, specifying the amount of the grant, conditions precedent to disbursement, responsibilities of each party, and a schedule of disbursement by the Authority.4. If a grant recipient fails to complete the project for which funds were provided within two years of receipt of the grant, fails to create or retain jobs, or ceases to do business in Maine, all monies awarded may, in the Authority's discretion, be required to be repaid and returned to the Authority immediately.5. In the event an application is not funded, the Authority shall notify the applicant in writing with a reason for the determination. The notice shall include a statement of the applicant's right to appeal the Chief Executive Officer's decision to the members.6. The grant recipient will be required to provide and execute such documentation as the Chief Executive Officer deems necessary to ensure the grant is being put to good and appropriate use. Such reporting shall include a report to be filed March 1, 2012 and again March 1, 2013 detailing the uses and benefits of the monies received. A recipient also shall provide such other reports and information as may from time to time be required by the Authority in order to review the application, monitor disbursement of a grant, and evaluate the success of the Program.94- 457 C.M.R. ch. 322, § 5