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<br />5105 <br /> <br />B. Any reel property unds' SUBRECIAENTs control thct wcs ~red or irtlX'oved <br />in whol e or in pat with CDBG fLrds in ecass of $25,COO.OO must either be: <br /> <br />1. Used, where CITY hcs giVEn writtEn ~ova, to tTlElEt one of the nctiona <br />obj E:dives stciaj in 24 CFR 570.208 lJ1ti I five (5) yars ctter expi rcii on of this Agrea 1lel1t, or for <br />SJCh 10fWdElI' peiod of ti me as determi nEd to be ~opri cie by CITY; or <br /> <br />2. If not used in a:oor~ with SJbpCI"v~ A ctx>ve, SUBREClPlENT <br />sha I pay to CI TY a1 c:rnount ~ to the a.rrent far ma1<et val ue of the property less any porti on <br />of the value citrilJuta:)le to the ecpenditure of non-CDBG fLl'lds for a:qLisition of, a improvanent <br />to, the property. SJc:h payment isprogran income to CITY. <br /> <br />C. &JbjE:d to the obIigctions set forth herein, title to eqt.ipment ~ra:J under the <br />terms of this AgrEBIlel1t will vest ~ a:.qlisitioo in SUBRECIPlENT. VVhen sad eqt.ipment <br />wlich hcs been aIJired in cn:or~ with this Agreement a1d al ~icalJle regulctions is no <br />10fWdElI' reeded for sid progran, di~tion of sid eqUpmer1t will be maje cs follCMIs: <br /> <br />1. Items of Equipment with a wrent PEl" lIlit far ma1<et vaue of less tha1 <br />$5,COO.OO I'1'1aJ beretcinEd, s)\d or otherwise disposed of with no further obIigctioo to CITY. <br /> <br />2. Items of eqt.ipment with a wrEnt fair mcrket per unit value of $5,COO.OO or <br />more rTlaI be retci nEd or s)\d a1d CITY shal hale the right to CIl aT1OlI1t calaJ1 ctaj by mutiplyi ng <br />the current ma1<et val ue a prOCEHts from the sale by CI TY's shCI"e of fa:Jera fLrds used to a::qui re <br />theeqt.ipment, in ~with 24 CFR 85.32(e)(2). <br /> <br />D. SUBREClPlENT hereby ClJrees, l4JOIl the cIe'ncn:J of CITY, to ecEnlte, <br />cD<r1OYJIa:tgecrd delivS', or caJSeany perD1 or rity who may hale any dam to rights hereunder <br />or lJ'1der any documerlt, i nstnment or VEB IIElfIt exEnltaj in furtl'1Ercr1cB of the servi ces crd <br />caivities to be perfOl'lT1a:J heraJl'lder, to execute, nr1OYJla:tge crd deliver. to CITY assignrnerlt(s), <br />quit dam deed(s) or 9JCh other crd further i nstrllT1El1ts, doa.mEnts a1d ClJrEB I Blts as may be <br />lR:aazry, in the S)\e a1d a:mute di!D'etion of CITY, to vest in CITY all of SUBREClPlENTs <br />right, title a1d interest (if any it may hale) in a1d to CITY, CDBG or other federa, stcie frtJ/or <br />local axounts or progran fl.J'lds a alocction of fLrds to which CITY is a ITlaJ be entitlaj, either <br />for its CMln CDXUlt or cs fiduciCI"Y or trustee for others, wlich were obtained fa the purpose of the <br />perforrTla'la! ci this AgreenlEf1t or any pr9lious cgresnents raciing to the scme subjE:d mater or <br />a::tivities as this Agrea,lEf1t, together with any irr:tn..ments, 1C8lS, grcrrts or (ljva1alS by <br />SUBRECI A ENT on behalf c.t CITY, in furtl'1Ercr1cB of the a::tivities hera.n:Jer or thereof. <br /> <br />SUBRECIAENTs obIigctions a1d responsibilities set forth in this PCl"VCVI"XI. <br />REVERSION OF ASSETS" a1d in PCl"VCVI"XII. TERMINATION" a1d other rEqLiranents <br />pataininJ to progrcm income shal not be ctfE:daj by the tsminction of this Agreallent crd shall <br />SJrvive the dcte of teminction of this AgrEB11ElfIt for SJch period of time cs CITY frtJ/or HUO <br />deems necsDrJay for the responsibilities, duties a1d obIigctions to be perfOl1Tla:J crd completed to <br />the Bisfa::tion of CITY a1d HUD. <br /> <br />12 <br /> <br />