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<br />XI. <br /> <br />submitted and approved by CITY prior to any work under this Agreement. <br />CONTRACTOR understands that CITY will make no payments under this <br />Agreement until the required certificates and endorsements have been <br />approved by CITY. <br /> <br />REVERSION OF ASSETS <br /> <br />A. <br /> <br />Upon the expiration of this Agreement, CONTRACTOR shall transfer to <br />CITY any FEZ funds on hand at the time of the expiration of this Agreement <br />as well as any accounts receivable attributable to the use of FEZ funds. <br /> <br />B. <br /> <br />Any real property under CONTRACTOR's control that was acquired or <br />improved in whole or in part with FEZ funds in excess of $25,000.00 must <br />either be: <br /> <br />1. <br /> <br />Used, where CITY has given written approval, to meet one of the <br />national objectives stated under federal law until five (5) years after <br />expiration of this Agreement, or for such longer period of time as <br />determined to be appropriate by CITY; or <br /> <br />2. <br /> <br />If not used in accordance with subparagraph 1 above, <br />CONTRACTOR shall pay to CITY an amount equal to the current fair <br />market value of the property less any portion of the value attributable <br />to the expenditure of non-FEZ funds for acquisition of, or <br />improvement to, the property. Such payment is program income to <br />CITY. <br /> <br />C. <br /> <br />Subject to the obligations set forth herein, title to equipment acquired under <br />the terms of this Agreement will vest upon acquisition in CONTRACTOR. <br />When said equipment which has been acquired in accordance with this <br />Agreement and all applicable regulations is no longer needed for said <br />program, disposition of said equipment will be made as follows: <br /> <br />1. <br /> <br />Items of equipment with a current per unit fair market value of less <br />than $5,000.00 may be retained, sold or otherwise disposed of with <br />no further obligation to CITY. <br /> <br />2. <br /> <br />Items of equipment with a current fair market per unit value of <br />$5,000.00 or more may be retained or sold and CITY shall have the <br />right to an amount calculated by multiplying the current market value <br />or proceeds from the sale by CITY's share of federal funds used to <br />acquire the equipment. <br /> <br />D. <br /> <br />CONTRACTOR hereby agrees, upon the demand of CITY, to execute, <br />acknowledge and deliver, or cause any person or entity who may have any <br />claim to rights hereunder or under any document, instrument or agreement <br />executed in furtherance of the services and activities to be performed <br />Page 10 of 14 <br />