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<br />5/05 <br /> <br />B. Any real property under SUBRECIPIENT's control that was acquired or improved <br />in whole or in part with CDBG funds in exccss of $25,000.00 must either be: <br /> <br />I. 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 <br />such longer period of time as determined to be appropriate by CITY; or <br /> <br />2. If not uscd in accordance with subparagraph A above, SUBRECIPIENT <br />shall pay to CITY an amount equal to the current fair market value of the property less any portion <br />of the value attributable to the expenditure of non-CDBG funds for acquisition of, or improvement <br />to, thc property. Such payment is program income to CITY. <br /> <br />C. Subject to the obligations set forth herein, title to equipment acquired under the <br />terms of this Agrecment will vest upon acquisition in SUBRECIPIENT. When said equipment <br />which has been acquired in accordance with this Agreement and all applicable regulations is no <br />longer needed for said program, disposition of said equipment will be made as follows: <br /> <br />I. Items of equipment with a current per unit fair market value of less than <br />$5,000.00 may be retained, sold or othcrwise disposed of with no further obligation to CITY. <br /> <br />2. Items of equipment with a current fair markct per unit value of $5,000.00 or <br />morc 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 sharc of federal funds uscd to acquire <br />the equipment, in accordance with 24 CFR 85.32(e)(2). <br /> <br />D. SUBRECIPIENT hcrcby agrees, upon the demand of CITY, to execute, <br />acknowlcdgc and deliver, or cause any person or entity who may have any claim to rights hereunder <br />or under any document, instrument or agreement executed in furtherance of the services and <br />activitics to be performed hercunder, to execute, acknowledge and deliver, to CITY assignment(s), <br />quit claim deed(s) or such other and further instruments, documents and agreemcnts as may be <br />necessary, in the sole and absolutc discretion of CITY, to vest in CITY all of SUBRECIPIENT'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 entitlcd, 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 agreements relating to thc same subject mattcr or <br />activities as this Agreement, together with any instnunents, loans, grants or advances by <br />SUBRECIPIENT on behalf of CITY, in furtherance of the activities hereunder or thereof. <br /> <br />SUBRECIPlENT's obligations and responsibilities set forth in this paragraph "XI. <br />REVERSION OF ASSETS:' and in paragraph "XII. TERMINATION" and other rcquirements <br />pcrtaining to program income shall not be affected by the termination of this Agreemcnt and shall <br />survivc the date of termination of this Agrccment for such period of timc as CITY and/or HUD <br />deems neccssary for thc responsibilities, duties and obligations to be performed and completed to <br />the satisfaction of CITY and HUD. <br /> <br />12 <br />