EL PUENTE 1 - 2007 - Laserfiche WebLink

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5.'05 A. Upon thc cxpiration of this Agrccmcnt, SUBRECIPIENT shall transfcr to CITY any COBG funds on hand at the time of the cxpiration of this Agrcemcnt as wcll as any accounts rcccivablc attributablc to thc usc ofCOBG funds. [24 CFR 570.503(b)(8).] B. Any rcal propcrty undcr SUBRECIPIENT's control that was acquircd or improvcd in wholc or in part with COBG funds in cxccss of$25,000.00 must cither be: I. Uscd, whcrc CITY has given writtcn approval, to meet one of thc national objcctivcs stat cd in 24 CFR 570.208 until five (5) ycars aftcr cxpiration of this Agrccmcnt, or for such longcr period of time as determined to be appropriate by CITY; or 2. If not uscd in accordance with subparagraph A above, SUBRECIPIENT shall pay to CITY an amount cqual to the currcnt fair market value of the propcrty lcss any portion of thc value attributable to the cxpenditurc of non-COBG nmds for acquisition of, or improvement to, the propcrty. Such paymcnt is program incomc to CITY. C. Subject to thc obligations set forth herein, title to cquipmcnt acquired undcr thc tcrms of this Agrccmcnt will vest upon acquisition in SUBRECIPIENT. When said cquipment which has bccn acquired in accordance with this Agrccmcnt and all applicable rcgulations is no longcr nccdcd for said program, disposition of said cquipmcnt will bc made as follows: I. Itcms of cquipmcnt with a currcnt per unit fair markct valuc of lcss than $5,000.00 may bc rctaincd, sold or othcrwisc disposed of with no furthcr obligation to CITY. 2. Itcms of cquipmcnt with a currcnt fair markct pcr unit valuc of $5,000.00 or morc may bc rctained or sold and CITY shall havc thc right to an amount calculated by multiplying thc currcnt markct value or procecds from the sale by CITY's sharc of fcdcral funds uscd to acquirc thc cquipmcnt, in accordance with 24 CFR 85.32(c)(2). O. SUBRECIPIENT hercby agrces, upon the demand of CITY, to cxccutc, acknowlcdgc and dcliver, or cause any pcrson or cntity who may havc any claim to rights hcrcundcr or undcr any documcnt, instrumcnt or agreemcnt exccuted in furthcrance of thc scrviccs and activities to be performed hcreundcr, to exccute, acknowlcdge and delivcr, to CITY assignmcnt(s), quit claim decd(s) or such othcr and furthcr instruments, documents and agrcements as may bc neccssary, in the sole and absolute discretion of CITY, to vest in CITY all of SUBRECIPIENT's right, title and interest (if any it may have) in and to CITY, COBG or other federal, state and/or local accounts or program funds or allocation of funds to which CITY is or may be cntitlcd, eithcr for its own account or as fiduciary or trustec for othcrs, which wcre obtaincd for the purposc of thc pcrformancc of this Agreemcnt or any previous agrcements relating to the same subjcct matter or activitics as this Agreement, together with any instruments, loans, grants or advanccs by SUB RECIPIENT on bchalf of CITY, in furthcrance of the activities hcreunder or thcrcof SUBRECIPIENT's obligations and responsibilitics sct forth in this paragraph "XI. REVERSION OF ASSETS," and in paragraph "XII. TERMINA nON" and other requircments pcrtaining to program income shall not bc affectcd by the termination of this Agrecment and shall 12