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1. Items of equipment with a current per Lunt fair market value of less than$5,000•,00 <br /> may be retained,sold or othorwise disposed of with no further obligation to CITY. <br /> 2. Items of equipment with a current fair market peer unit value of$5,000.00 or more <br /> may be retained or sold and CITY shall have the right to an amount calbulated by multiplying the current <br /> market value or proceeds from the-sale by CITY's share of federal funds used to acquire.the equipment, in <br /> accordance with 2'CFR 200.313(c)(2). <br /> D. SUBRECIPIENT hereby agrees, upon the demand of CITY, to execute, acknowledge and <br /> deliver, or cause any person or entity who may have 4ty claim to rights hereunder or under any document, <br /> instrument or agreement executed•in furtherance of the services and activities to be performed hereunder, to <br /> execute, acknowledge and deliver, to CITY-.assignment(s), quit claim deed(s). or such other and further <br /> instruments, docurnonta.and agreements as may be necessary, in the,sole and absolute discretion of CITY,to <br /> vest in CITY all of SUBRBCIPB3N'I!s right,title and intorest(if any it may have)in and to CITY,.CDBG or <br /> other federal;state and/or local 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 were obtained for the purpose of <br /> the performance of this Agreement or any previous agreements -relating to the same subject matter or <br /> activities as this Agreement,together with any instruments,loans,grants or advances by SUBRI3CIPIENT on <br /> behalf of CITY,in fiirtheiauce of the activities hereunder or thereof.` <br /> SUBRECIP 73NT's obligations and responsibilities set forth•in this paragraph"XI.REVERSION OF <br /> ASSETS." and in paragraph "XII,TERMINATION and other requirements pertaining to program income <br /> shall not be affected by the termination of this Agreement and shall survive the date of termination of this <br /> Agreement for such period of time as CITY and/or HUD deems necessary for the responsibilities, duties and <br /> obligations to be performed and completed to the satisfaction of CITY and HUD. <br /> XII. TERMINA710N <br /> A. This Agrecinent may be terminated on thirty (30) days' written notice by either party. In the <br /> event of such termination, SUBRECIPIENT shall only be entitled to reimbursement for approved expenses <br /> incurred to the effective date oftermination. <br /> B. This Agreement may be suspended-or terminated by CITY upon five(5)days'written notice for <br /> violation by SUBREMENT of Federal Laws governing the use of Community Development Block Grant <br /> Funds. In the event- of such.suspension or termination, SUBRECIPIENT shall only be entitled to <br /> reimbursement for approved expenses incurred up to the effective date of suspension or termination. <br /> C. pursuant to 2 CFR 200.340, in the event SUBRECIPIENT defaults by failing;to fulfrll all or any <br /> of its obligations hereunder, CITY may declare a default and termination•of this Agreement by written notice <br /> to SUBRECIPIENT,which default and termination shall-be effective on a date stated in the notice.which is to <br /> be-not less than ten(10) days after certified mailing or personal service of-such notice,LUnless•succh default is <br /> cured before the effective date-of-tennination stated in such notice. If terminated fbt.cause;CITY steal-l-be <br /> relieved of further liability or responsibility under this Agreement; oir as a result of the Ionnination-thereof; <br /> inchuding the payment of money, except for payment for approved expenses incurred-for. services <br /> satisfactorily mid-timely performed prior to the mailing or service of the npacb of termination,and except for <br /> reimbunement of (1)any payments made for services riot subsegaohtly:.perft rtded,.in`z :tfirndly--•and <br /> satisfactory manner,and(2):eostsincurred by-CITY in obtaining substitute performance= -.. .. .- <br /> D. The grant of funds under this Agreement may be terminated for convenience by either the CITY <br /> or SUBRECIIHENT, in whole or in part, by setting forth the reasons for such termination, the effective date, <br /> and, in the case of portion termination, their portion to b terminated, however., if in the case of a partial <br /> 13 <br />