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7/2014 <br />1. Used, where CITY has given written approval, to meet one of the national <br />objectives stated in 24 CFR 570.208 until five (5) years after expiration of this Agreement, or for such longer <br />period of time as determined to be appropriate by CITY; or <br />2. If not used in accordance with subparagraph 1 above, SUBRECIPIENT shall pay to <br />CITY an amount equal to the current fair market value of the property less any portion of the value <br />attributable to the expenditure of non -CDBG funds for acquisition of, or improvement to, the property. Such <br />payment is program income to CITY. <br />C. Subject to the obligations set forth herein, title to equipment acquired under the terms of this <br />Agreement will vest upon acquisition in SUBRECIPIENT. When said equipment which has been acquired <br />in accordance with this Agreement and all applicable regulations is no longer needed for said program, <br />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 $5,000.00 <br />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 more <br />may be retained or sold and CITY shall 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 funds used to acquire the equipment, in <br />accordance with 24 CFR 85.32(e)(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 any 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, documents and agreements as may be necessary, in the sole and absolute discretion of CITY, to <br />vest in CITY all of SUBRECIPIENT's right, title and interest (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 SUBRECIPIENT on <br />behalf of CITY, in furtherance of the activities hereunder or thereof. <br />SUBRECIPIENT'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 />X11. TERMINATION <br />A. This Agreement 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 of termination. <br />B. This Agreement may be suspended or terminated by CITY upon five (5) days' written notice <br />for violation by SUBRECIPIENT of Federal Laws governing the use of Community Development Block <br />Grant 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 />12 <br />