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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 /> •
<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 /> D. • SUBRECIPIENT hereby agrees, upon the demand of CITY, to execute, acknowledge and
<br /> deliver, or cause any person or entity who may have any claim to rights hereunder or under any document,
<br /> instrument or agreement executed•in furtherance of the services and activities to be performed hereunder, to
<br /> execute, acknowledge and deliver, to CITY.assignment(s), quit claim deed(s). or such other and further
<br /> instruments, documents.and agreements as may be necessary, in the sole and absolute discretion of CITY,to
<br /> vest in CITY all of SUBRECIPIENT.'s right,title and interest(if any it may have)in and to CITY,.CDBG or
<br /> . other federal;state and/or local accounts-or program funds or allocation of funds to which CITY is or maybe
<br /> entitled,either for its own account or as fiduciary or trustee for others,which were obtained for the purpose of
<br /> • the performance of this Agreement or any previous agreements relating to the same subject matter or
<br /> activities as this Agreement,together with any instruments,loans,grants or advances by SUBRECIPIENT on
<br /> behalf of CITY,in furtherance of the activities hereunder or thereof.
<br /> SUBRECIFIENT's obligations and responsibilities set forth in this paragraph"XI.REVERSION OF
<br /> ASSETS," and in paragraph "XII.TERMINATION" and other requirements,pertaining to program income
<br /> shall not be affected by the termination of this Agreement and shall survive the date of termination of this
<br /> Agreement for such period of time as CITY and/or HUD deems necessary for the responsibilities, duties and
<br /> obligations to be performed and completed to the satisfaction of CITY and HUD.
<br /> XII. TERMINATION •
<br /> A. This Agreement may be terminated on thirty (30) days' written notice by either party. In the
<br /> .event of such termination, SUBRECIPIENT shall only be entitled to reimbursement for approved expenses
<br /> incurred to the effective date of termination.
<br /> • B. This Agreement may be suspended or terminated by CITY upon five(5)days'written notice for •
<br /> violation by SUBRECIPIENT of Federal Laws governing the use of Community Development Block Grant •
<br /> Funds. In the event of such.suspension or termination, SUBRECIPIENT shall only be entitled to
<br /> reimbursement for approved expenses incurred up to the effective date of suspension or termination.
<br /> C. Pursuant to 2 CFR 200.340, in the event SUBRECIPIENT defaults by failing to fulfill all or any
<br /> of its obligations hereunder, CITY may declare a default and termination-of this Agreement by written notice
<br /> to SUBRECIPIENT,which default and termination shall be effective on a date stated in the notico which is to
<br /> be not less than ten(10) days after certified mailing or personal service of.such notice,unless.such default is
<br /> • cured before the effective date of termination stated in such notice. If terminated ,tbr cause,CITY shalt be
<br /> relieved of further liability or responsibility under this Agreement; or as a result of the termination thereof;
<br /> • including the payment of money, except for payment for approved expenses incurred for- services
<br /> satisfactorily and timely performed prior to the mailing or service of the-notice oftermiriation,and except for
<br /> . reimbursement of (1)any payments made for services not subsegneritly`-performed.in a•.timely- and •
<br /> satisfactory manner, and(2).costs incurred by CITY in obtaining substitute performance:•• - -
<br /> D. The grant of funds under this Agreement may be terminated for convenience by either the CITY
<br /> or SUBRECIPIENT, in whole or in part, by setting forth the reasons for such termination, the effective date,
<br /> and, in the case of portion termination, their portion to b terminated, however, if in the case of a partial
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