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<br />6/10/06 les <br /> <br />B. Any real property under CONTRACTOR's control that was acquired <br />or improved in whole or in part with FEZ funds in excess of $25,000.00 must <br />either be: <br /> <br />1. Used, where CITY has given written approval, to meet <br />one of the national objectives stated under federal law until five (5) <br />years after expiration of this Agreement, or for such longer period of <br />time as determined to be appropriate by CITY; or <br /> <br />2. If not used in accordance with subparagraph A 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. Subject to the obligations set forth herein, title to equipment acquired <br />under the terms of this Agreement will vest upon acquisition in <br />CONTRACTOR. When said equipment which has been acquired in <br />accordance with this Agreement and all applicable regulations is no longer <br />needed for said program, disposition of said equipment will be made as <br />follows: <br /> <br />1. Items of equipment with a current per unit fair market <br />value of less than $5,000.00 may be retained, sold or otherwise <br />disposed of with no further obligation to CITY. <br /> <br />2. Items of equipment with a current fair market per unit <br />value of $5,000.00 or more may be retained or sold and CITY shall <br />have the right to an amount calculated by multiplying the current <br />market value or proceeds from the sale by CITY's share of federal <br />funds used to 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 />Page 11 of 14 <br /> <br />- <br />