25L - CDBG - Laserfiche WebLink

Home Browse Search

5/11/10 1. Items of e quipment w ith a c urrent pe r uni t f air market value of 1 ess t han $5,000.00 maybe retained, sold or otherwise disposed of with no further obligation to CITY. 2. Items of equipment with a current fair market per unit value of $5,000.00 or more maybe retained or sold and CITY shall have the right to an amount calculated by multiplying the current market value or proceeds from the sale by CITY's share of federal funds used to acquire the equipment, in accordance with 24 CFR 85.32(e)(2). D. SUBRECII'IENT he reby agrees, upon t he de mand of C TTY, t o execute, acknowledge and deliver, or cause any person or entity who may have any claim to rights hereunder or unde r a ny doc ument, i nstrument or a greement e xecuted i n f urtherance of the services a nd activities to be performed hereunder, to execute, acknowledge and deliver, to CITY assignment(s), quitclaim deed(s) or such of her a nd f urther i nstruments, doc uments a nd agreements a s m ay be necessary, i n the s ole and absolute discretion of C ITY, t o ve st i n CITY a 11 o f S UBRECIPIENT's right, title and i nterest (if any i t m ay have) i n and t o C ITY, C DBG or other federal, s tate a nd/or local accounts or program funds or allocation of funds to which CITY is or maybe entitled, either for its own account or as fiduciary or trustee for others, which were obtained for the purpose of the performance of this Agreement or any previous agreements relating to the same subject matter or activities a s t his A greement, together w ith a ny i nstruments, l owns, g rants or a dvances b y SUBRECII'IENT on behalf of CITY, in furtherance of the activities hereunder or thereof. SUBRECIPIENT's obligations and responsibilities s et forth in this paragraph "XI. REVERSION OF AS SETS." a nd i n paragraph "XII. TERMINATION"and of her r equirements pertaining to program income shall not be affected by the termination of this Agreement and shall survive the date of t ermination of t his A greement f or s uch period of t ime as C ITY a nd/or H UD deems necessary for the responsibilities, duties and obligations to be performed and completed to the satisfaction of CITY and HUD. XII. TERMINATION A. This A greement may b e to rminated o n th irty (30) d ays' w ritten n otice b y either party. In the event of such termination, SUBRECIPIENT shall only be entitled to reimbursement for approved expenses incurred to the effective date of termination. B. This A greement m ay be suspended or t erminated b y C TTY upon f ive (5) da ys' written notice for violation by SUBRECIl'IENT of Federal Laws governing the use of Community Development Block Grant Funds. In the event of such suspension or termination, SUBRECII'IENT shall only be entitled to reimbursement for approved expenses incurred up t o the effective date of suspension or termination. C. Pursuant to 24 CFR 85.43, in the event SUBRECIPIENT defaults by failing to fulfill all or any of its obl igations he reunder, C ITY may de dare a de fault a nd t ermination of this Agreement by written notice to SUBRECIPIENT, which default and termination shall be effective on a date stated in the notice which is to be not less than ten (10) days after certified mailing or personal service of such notice, unless such default is cured before the effective date of ternlination 13 25L-15