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I above. <br />C. Subject to the obligations set forth herein, title to equipment acquired under the <br />tenns of this Agreement will vest upon acquisition in SUBRECIPIENT. When said equipment <br />which has been acquired in accordance with this Agreement and all applicable regulations is no <br />longer needed for said project, disposition of said equipment will be made as follows: <br />(1) Items of equipment with a current per unit fair market value of less than <br />$5,000.00 may be retained, sold or otherwise disposed of with no further <br />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 <br />calculated by multiplying the current market value or proceeds from the sale <br />by CITY's share of federal funds used to acquire the equipment, in <br />accordance with 24 CFR 85.32(e)(2). <br />SUBRECIPIENT's obligations and responsibilities set forth in this paragraph <br />"X. REVERSION OF ASSETS," and in paragraph "XI. TERMINATION" and other <br />requirements pertaining to program income shall not be affected by the termination of this <br />Agreement and shall survive the date of termination of this Agreement for such period of time as <br />CITY and /or HUD deems necessary for the responsibilities, duties and obligations to be performed <br />and completed to the satisfaction of CITY and HUD. <br />XI. TERMINATION <br />A. This Agreement may be terminated on thirty (30) days' written notice 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 Agreement may be suspended or terminated by CITY upon five (5) days' <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 any of its obligations hereunder, CITY may declare a default and termination of this <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 />stated in such notice. If terminated for cause, CITY shall be relieved of further liability or <br />responsibility under this Agreement, or as a result of the termination thereof, including the payment <br />of money, except for payment for approved expenses incurred for services satisfactorily and timely <br />performed prior to the mailing or service of the notice of termination, and except for reimbursement <br />of (1) any payments made for services not subsequently performed in a timely and satisfactory <br />953911.1 <br />II <br />