(a) Where a not-for-profit corporation is the recipient of a new facility operation agreement, the agreement shall also provide that:

1. (1) the state shall hold title to the youth center;
2. (2) the state shall lease the youth center back to the not-for-profit corporation;
3. (3) the not-for-profit corporation shall operate the youth center program in lieu of payment of rent for a period of time to be determined by the division;
4. (4) the not-for-profit corporation which is the recipient of an award shall operate the youth center program or programs in the manner specified in its application; and
5. (5) the division shall be notified immediately on 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.

(b) Where there is a new facility operation agreement between the state and the municipality the agreement shall also provide that:

1. (1) the State shall hold title to the youth center;
2. (2) the State shall lease the youth center back to the municipality; and
3. (3) the municipality, or a not-for-profit corporation shall operate the youth center under contract to the municipality or the division in lieu of payment of rent for a period of time to be determined by the division.

(c) Where a municipality is the recipient of a new facility operation agreement and a not-for-profit corporation shall operate the youth center under contract to the municipality or the division, the municipality's or the division's agreement with the not-for-profit corporation shall also provide that:

1. (1) the not-for-profit corporation designated in the application 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.