REGENTS OF THE UNIVERSITY OF CALIFORNIA, THE (2)

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(2) University agrees that any and all funds received under this Contract shall be utilized to complete the scope of work during the Term of this Contract, and that any and all funds remaining as of the end of the Term, which have not been utilized to complete the scope of work, shall be returned by University to Sponsor within forty-five (45) days of the expiration or earlier termination of the Contract. No expense of University will be reimbursed by Sponsor if incurred after the end of the Term of the Agreement. (3) University should complete all closeout actions for the Federal award no later than one year after receipt and acceptance of all required final reports. G. SEPARATION OF ACCOUNTS. All funds received by University from Sponsor pursuant to this Contract shall be maintained in an account in a federally insured banking or savings and loan institution with record keeping of such accounts maintained pursuant to applicable 2 CFR 200.302 requirements. University is not required to maintain separate depository accounts for CARES Act Funds; provided however, University must be able to account for receipt, obligation, distribution and expenditure of CARES Act Funds pursuant to applicable 2 CFR 200.302 requirements. H. LIMITATION OF FUNDS. The United States of America may in the future place programmatic or fiscal limitations on the use of CARES Act funds, which limitations are not presently anticipated. Accordingly, Sponsor reserves the right to revise this Contract in order to take account of actions affecting CARES Act program funding. In the event of funding reduction, Sponsor may, in its sole and absolute discretion, reduce the budget of this Contract or may restrict University's use of uncommitted funds. Where Sponsor has been directed to implement a reduction in funding, with respect to funding for this Contract, Sponsor's City Manager or delegate is authorized to act for Sponsor in implementing and effecting such a reduction and in revising, modifying, or amending the Contract for such purposes. If such a reduction in funding occurs, University shall be permitted to de -scope accordingly. Where Sponsor has reasonable grounds to question University's fiscal accountability or compliance with this Contract, Sponsor may suspend the operation of this Contract for up to sixty (60) days upon five (5) days written notice to University of its intention to so act, pending an audit or other resolution of such questions. In no event, however, shall any revisions made by Sponsor affect expenditures and legally binding commitments made by University before it received notice of such revision, provided that such amounts have been committed in good faith and are otherwise allowable and that such commitments are consistent with CARES Act Funds withdrawal guidelines. ARTICLE 3 INTELLECTUAL PROPERTY AND PATENT RIGHTS A. Background Intellectual Property. It is possible that one or both parties may possess rights in background intellectual property, that is, intellectual property not otherwise subject to this Contract that would be useful or essential to the practice or commercialization of results from the Contract. For example, either Sponsor or University might own a patent that would be infringed by the other party when it