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<br />6/10/06 les <br /> <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. 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. 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. 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 />C. 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 />hereunder, to execute, acknowledge and deliver, to CITY assignment(s), <br />quit claim deed(s) or such other and further instruments, documents and <br />agreements as may be necessary, in the sole and absolute discretion of <br />CITY, to vest in CITY all of CONTRACTOR's right, title and interest (if any it <br />may have) in and to CITY, SAEC, FEZ or other federal, state and/or local <br />accounts or program funds or allocation of funds to which CITY is or may be <br />entitled, either for its own account or as fiduciary or trustee for others, which <br />were obtained for the purpose of the performance of this Agreement or any <br />previous agreements relating to the same subject matter or activities as this <br />Agreement, together with any instruments, loans, grants or advances by <br /> <br />CONTRACTOR on behalf of CITY, in furtheran<;:e of the activities hereunder <br />or thereof. <br /> <br />CONTRACTOR's obligations and responsibilities set forth in this paragraph <br />"XI. REVERSION OF ASSETS," and in paragraphs "XII. TERMINATION" <br />and "III. PROGRAM INCOME" shall not be affected by the termination of this <br />Agreement and shall survive the date of termination of this Agreement for <br />such period of time as CITY and/or HUD deems necessary for the <br />responsibilities, duties and obligations to be performed and completed to the <br />satisfaction of CITY and HUD. <br /> <br />XII. TERMINATION <br /> <br />Page 11 of 14 <br />