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which has been acquired in accordance with this Memorandum of Understanding and all applicable <br />regulations is no longer needed for said program, 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 of 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 2 CFR 200.313(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 Memorandum. of Understanding executed in furtherance of the services and activities to be <br />performed hereunder, to execute, acknowledge and deliver, to CITY assignment(s), quit claim dcod(s) or <br />such other and further instruments, documents and Memorandum of Understanding s as may be necessary, in <br />the sole and absolute discretion of CITY, to vest in CITY all of SUBRECIPIENf's right, title and interest (if <br />any it may have) in and to CITY, CDBG-CV or other federal, state and/or local accounts or program funds or <br />allocation of frmds to which CITY is or may be entitled, either for its own account or as fiduciary or trustee <br />for others, which were obtained for the purpose of the performance of this Memorandum of Understanding <br />or any previous Memorandum of Understanding s relating to the same subject matter or activities as this <br />Memorandum of Understanding , together with any instruments, loans, grants or advances by <br />SUBRECIPIENT on 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 Memorandum of Understanding and shall survive the date of <br />termination of this Memorandum of Understanding for such period of time as CITY and/or HUD deems <br />necessary for the responsibilities, duties and obligations to be performed and completed to the satisfaction of <br />CITY and HUD. <br />XH. TERMINATION <br />A. This Memomdum of Understanding maybe terminated on thirty (30) days' written notice by <br />either party. In the event of such termination, SUBRECIPIENT shall only be entitled to reimbursement for <br />approved expenses incurred to the effective date of termination, <br />B. This Memorandum of Understanding may be suspended or terminated by CITY upon five (5) <br />days' written notice for violation by "RECIPIENT of Federal Laws governing the use of CDBG-CV <br />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 />C. Pursuant to 2 CFR 200,340, in the event SUBRECIPIENT defaults by failing to fulfill all or any <br />of its obligations hereunder, CITY may declare a default and termination of this Memorandum of <br />Understanding by written notice to SUBRECIPIENT, which default and termination shall be effective on a <br />date stated in the notice which is to be not less than ten (10) days after certified mailing or personal service of <br />such notice, unless such default is cured before the effective date of termination stated in such notice. If <br />terminated for cause, CITY shall be relieved of further liability or responsibility under this Memorandum of <br />Understanding, or as a result of the termination thereof, including the payment of money, except for payment <br />for approved expenses incurred for services satisfactorily and timely performed prior to the mailing or service <br />of the notice of termination, and except for reimbursement of: (1) any payments made for services not <br />14 <br />