Laserfiche WebLink
7/2014 <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 />XII. 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 />C. Pursuant to 24 CFR 85.43, in the event SUBRECIPIENT defaults by failing to fulfill all or <br />any of its obligations hereunder, CITY may declare a default and termination of this Agreement by written <br />notice to SUBRECIPIENT, which default and termination shall be effective on a date stated in the notice <br />which is to be not less than ten (10) days after certified mailing or personal service of such notice, unless such <br />default is cured before the effective date of termination stated in such notice. If terminated for cause, CITY <br />shall be relieved of further liability or responsibility under this Agreement, or as a result of the termination <br />thereof, including the payment of money, except for payment for approved expenses incurred for services <br />satisfactorily and timely performed prior to the mailing or service of the notice of termination, and except for <br />reimbursement of (1) any payments made for services not subsequently performed in a timely and <br />satisfactory manner, and (2) costs incurred by CITY in obtaining substitute performance. <br />D. The grant of funds under this Agreement may be terminated for convenience in accordance <br />with 24 CFR 85.44. <br />1B3 <br />