Laserfiche WebLink
5/11110 <br />1. Items of a quipment w ith a c urrent pe r uni t fair market va lue of I ess t han <br />$5,000.00 may be retained, sold or otherwise disposed of with no further obligation to CITY. <br />2. Items of equipment with a current fair market per unit value of $5,000.00 or <br />more may be retained or sold and CITY shall have the right to an amount calculated by multiplying <br />the current market value or proceeds from the sale by CITY's share of federal funds used to acquire <br />the equipment, in accordance with 24 CFR 85.32(e)(2). <br />D. SUBRECIPIENT he reby agrees, upon t he de mand of C ITY, t o execute, <br />acknowledge and deliver, or cause any person or entity who may have any claim to rights hereunder <br />or unde r a ny doc ument, i nstrument or a greement a xecuted i n f urtherance of t he services a nd <br />activities to be performed hereunder, to execute, acknowledge and deliver, to CITY assignment(s), <br />quit c laim de ed(s) or s uch of her a nd further i nstruments, doc uments a nd agreements a s in ay be <br />necessary, in the sole and absolute discretion of CITY, to vest in CITY all of S UBREC IPIENT's <br />right, t itle a nd i nterest ( if any i t in ay have) i n a nd t o C ITY, C DBG or of her federal, s tate a nd/or <br />local accounts or program funds or allocation of funds to which CITY is or may be entitled, either <br />for its own account or as fiduciary or trustee for others, which were obtained for the purpose of the <br />performance of this Agreement or any previous agreements relating to the same subject matter or <br />activities a s t his A greement, together w ith a ny i nstruments, I oans, g rants or a dvances b y <br />SUBRECIPIENT on behalf of CITY, in furtherance of the activities hereunder or thereof. <br />SUBRECIPIENT's obl igations and responsibilities set forth in this paragraph "XI. <br />REVERSION OF AS SETS," a nd i n paragraph " XII. TERMINATION" a nd other requirements <br />pertaining to program income shall not be affected by the termination of this Agreement and shall <br />survive the date of termination of this Agreement for such period of t ime as C ITY and/or HUD <br />deems necessary for the responsibilities, duties and obligations to be performed and completed to <br />the satisfaction of CITY and HUD. <br />X11. TERMINATION <br />A. This Agreement may be terminated on th irty ( 30) d ays' w ritten n otice by either <br />party. In the event of such termination, SUBRECIPIENT shall only be entitled to reimbursement <br />for approved expenses incurred to the effective date of termination. <br />B. This A greement in ay be s uspended or t erminated b y C ITY upon f ive ( 5) da ys' <br />written notice for violation by SUBRECIPIENT of Federal Laws governing the use of Community <br />Development Block Grant Funds. In the event of such suspension or termination, SUBRECIPIENT <br />shall only be entitled to reimbursement for approved expenses incurred up to the effective date of <br />suspension or termination. <br />C. Pursuant to 24 CFR 85.43, in the event SUBRECIPIENT defaults by failing to fulfill <br />all or a ny of i is obl igations he reunder, C ITY may de clare a de fault a nd t ermination of t his <br />Agreement by written notice to SUBRECIPIENT, which default and termination shall be effective <br />on a date stated in the notice which is to be not less than ten (10) days after certified mailing or <br />personal service of such notice, unless such default is cured before the effective date of termination <br />13