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1. Items of equipment with a current per unit fair market value of less than $5,000.00 may be
<br />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 may be
<br />retained or sold and CITY shall have the right to an amount calculated by multiplying the current market value or
<br />proceeds from the sale by CITY's share of federal funds used to acquire the equipment, in accordance with 2 CFR
<br />200.313(e)(2).
<br />D. SUBRECIPIENT hereby agrees, upon the demand of CITY, to execute, acknowledge and deliver, or
<br />cause ally person or entity who may have any claim to rights hereunder or under any document, instrument or
<br />agreement executed in furtherance of the services and activities to be performed hereunder, to execute, acknowledge
<br />and deliver, to CITY assignment(s), quit claim deed(s) or such other and further instruments, documents and
<br />agreements as may be necessary, in the sole and absolute discretion of CITY, to vest in CITY all of
<br />SUBRECIPIENT's right, title and interest (if any it may have) in and to CITY, CDBG or other federal, state mid/or
<br />local accounts or program funds or allocation of funds to which CITY is or may be entitled, either for its own account
<br />or as fiduciary or trustee for others, which were obtained for the purpose of the performance of this Agreement or any
<br />previous agreements relating to the same subject matter or activities as this Agreement, together with any inshtrnents,
<br />loans, grants or advances by SUBRECIPIENT on behalf of CITY, in furtherance of the activities hereunder or
<br />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 shall not
<br />be affected by the termination of this Agreement and shall survive the date of termination of this Agreement for such
<br />period of time as 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 />XII. TERNUNATION
<br />A. This Agreement may be terminated on thirty (30) days' written notice by either patty. In the event of
<br />such termination, SUBRECIPIENT shall only be entitled to reimbursement for approved expenses incurred to the
<br />effective date of termination.
<br />B. This Agreement may be suspended or terminated by CITY upon five (5) days' written notice for
<br />violation by SUBRECIPIENT of Federal Laws governing the use of Community Development Block Grant Funds.
<br />In the event of such suspension or termination, SUBRECIPIENT shall only be entitled to reimbursement for approved
<br />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 fulfill all or any of
<br />its obligations hereunder, CITY may declare a default and termination of this Agreement by written notice to
<br />SUBRECIPIENT, which default and termination shall be effective on a date stated in the notice which is to be not less
<br />than ten (10) days after certified mailing or personal service of such notice, unless such default is cured before the
<br />effective date of tenmination stated in such notice. If terminated for cause, CITY shall be relieved of further liability
<br />or responsibility under this Agreement, or as a result of the termination thereof, including the payment of money,
<br />except for payment for approved expenses incurred for services satisfactorily and timely performed prior to the
<br />mailing or service of the notice of termination, and except for reimbursement of (1) any payments made for services
<br />not subsequently performed in a timely and satisfactory manner, and (2) costs incurred by CITY in obtaining
<br />substitute performance.
<br />D. The grant of finds under this Agreement may be terminated for convenience by either the CITY or
<br />SUBRECIPIENT, in whole or in part, by setting forth the reasons for such termination, the effective date, and, in the
<br />case of portion termination, their portion to b terminated, however, if in the case of a partial termination, the CITY
<br />determines that the remaining portion of the award will not accomplish the purpose for with the award was made, the
<br />CITY may terminate the award in its entirety.
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<br />25C -14
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