(a) Where a municipality, either singularly or acting jointly with a not-for-profit corporation is the recipient of a new facility project grant, the agreement shall also provide that:

1. (1) the municipality shall hold title to the youth center; and
2. (2) in the event that the municipality discontinues use of the facility financed by the award as a youth center during the period specified in the agreement, the project costs shall become due and owing to the state and shall be payable from any amounts of State aid to which the municipality would be entitled.

(b) Where a municipality acting jointly with a not-for-profit corporation is the recipient of a new facility project grant the agreement shall also provide that:

1. (1) the not-for-profit corporation which applied jointly with the municipality shall operate the youth center program or programs in the manner specified in the application; and
2. (2) the division shall be notified immediately of tax liens or planned financial or organizational restructuring of the not-for-profit corporation including but not limited to a change of name, merger or bankruptcy.