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1. Items of equipment with a current per unit fair mazket value of less than <br />$5,000.00 may be retained, sold or otherwise disposed of with no fiuther obligation to CITY. <br />2. Items of equipment with a current fair market per unit value of $5,000.00 or <br />more may be retained or sold and CITY shall have the right to an amount calculated by multiplying <br />the current market value or proceeds from the sale by CITY's shaze of federal funds used to acquire <br />the equipment, in accordance with 24 CFR 85.32(e)(2). <br />D. SUBRECIPIENT hereby agees, upon the demand of CITY, to execute, <br />acknowledge and deliver, or cause any person or entity who may have any claim to rights hereunder <br />or under any document, instnunent or ageement executed in furtherance of the services and <br />activities to be performed hereunder, to execute, acknowledge and deliver, to CITY assigunent(s), <br />quit claim deed(s) or such other and further instruments, documents and ageements as may be <br />necessary, in the sole and absolute discretion of CITY, to vest in CITY all of SUBRECII'IENT's <br />right, title and interest (if any it may have) in and to CITY, CDBG or other federal, state and/or <br />local accounts or program funds or allocation of funds to which CITY is or may be entitled, either <br />for its own account or as fiduciary or trustee for others, which were obtained for the purpose of the <br />performance of this Agreement or any previous ageements relating to the same subject matter or <br />activities as this Ageement, together with any instruments, loans, gants or advances by <br />SUBRECIPIENT on behalf of CITY, in furtherance of the activities hereunder or thereof. <br />SUBRECIPIENT's obligations and responsibilities set forth in this paragraph "XI. <br />REVERSION OF ASSETS." and in pazagaph "XII. TERMINATION" and other requirements <br />pertaining to program income shall not be affected by the termination of this Agreement and shall <br />survive the date of termination of this Agreement for such period of time as CITY and/or HUD <br />deems necessary for the responsibilities, duties and obligations to be performed and completed to <br />the satisfaction of CITY and HUD. <br />XII. TERIVIINATION <br />A. This Agecment may be terminated on thirty (30) days' written notice by either <br />party. In the event of such termination, SUBRECIPIENT shall only be entitled to reimbursement <br />for approved expenses incurred to the effective date of termination. <br />B. This Agreement may be suspended or terminated by CITY upon five (5) days' <br />written notice for violation by SUBRECIPIENT of Federal Laws governing the use of Community <br />Development Block Grant Funds. In the event of such suspension or termination, SUBRECIPIENT <br />shall only be entitled to reimbursement for approved expenses intoned up to the effective date of <br />suspension or termination. <br />C. Pursuant to 24 CFR 85.43, in the event SUBRECIPIENT defaults by failing to fulfill <br />all or any of its obligations hereunder, CITY may declare a default and termination of this <br />Ageement by written notice to SUBRECIPIENT, which default and termination shall be effective <br />on a date stated in the notice which is to be not less than ten (10) days after certified mailing or <br />personal service of such notice, unless such default is cured before the effective date of termination <br />12 <br />