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F. Claims Made Policies. If any of the required policies provide coverage on a claims -made <br />basis: <br />1. The retroactive date must be shown and must be before the date of the contract or the <br />beginning of work. <br />2. Insurance must be maintained and evidence of insurance must be provided for at least <br />three (3) years after completion of work. <br />3. If coverage is canceled or non -renewed, and not replaced with another claims -made <br />policy form with a retroactive date prior to the contract effective date, Company must purchase "extended <br />reporting" coverage for a minimum of three (3) years after completion of work. <br />G. Subcontractors. SUBRECIPIENT shall require and verify that all subcontractors maintain <br />insurance meeting all the requirements stated herein, and SUBRECIPIENT shall ensure that CITY is an <br />additional insured on insurance required from subcontractors. <br />H. Special Risks or Circumstances. CITY reserves the right to modify these requirements, <br />including limits, based on the nature of the risk, prior experience, insurer, coverage, or other special <br />circumstances. <br />XI. REVERSION OF ASSETS <br />A. Upon the expiration of this Agreement, SUBRECIPIENT shall transfer to CITY any CDBG <br />funds on hand at the time of the expiration of this Agreement as well as any accounts receivable attributable <br />to the use of CDBG funds. [24 CFR 570.503(b)(7)] <br />B. Any real property under SUBRECIPIENT's control that was acquired or improved in whole or in <br />part with CDBG funds in excess of $25,000.00 must either be: <br />1. Used, where CITY has given written approval, to meet one of the national <br />objectives stated in 24 CFR 570.208 until five (5) years after expiration of this Agreement, or for such longer <br />period of time as determined to be appropriate by CITY; or <br />2. If not used in accordance with subparagraph 1 above, SUBRECIPIENT shall pay to <br />CITY an amount equal to the current fair market value of the property less any portion of the value <br />attributable to the expenditure of non-CDBG funds for acquisition of, or improvement to, the property. Such <br />payment is program income to CITY. <br />C. Subject to the obligations set forth herein, title to equipment acquired under the terms of this <br />Agreement will vest upon acquisition in SUBRECIPIENT. When said equipment which has been acquired <br />in accordance with this Agreement and all applicable regulations is no longer needed for said program, <br />disposition of said equipment will be made as follows: <br />1. Items of equipment with a current per unit fair market value of less than $5,000.00 <br />may be retained, sold or otherwise disposed of with no further obligation to CITY. <br />2. Items of equipment with a current fair market per unit value of $5,000.00 or more <br />may be retained or sold and CITY shall have the right to an amount calculated by multiplying the current <br />market value or proceeds from the sale by CITY's share of federal funds used to acquire the equipment, in <br />accordance with 2 CFR 200.313(e)(2). <br />13 <br />