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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 /> maybe 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 <br /> $10,000 effective October 1,2024 and after,or more may be retained or sold and CITY shall have the right to <br /> an amount calculated by multiplying the current market value or proceeds from the sale by CITY's share of <br /> federal funds used to acquire the equipment,in 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 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 for <br /> violation by SUBRECIPIENT of Federal Laws governing the use of Community Development Block Grant <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 Agreement by written notice <br /> to SUBRECIPIENT,which default and termination shall be effective on a date stated in the notice which is to <br /> be not less than ten(10) days after certified mailing or personal service of such notice, unless such default is <br /> cured before the effective date of termination stated in such notice. If terminated for cause, CITY shall be <br /> relieved of further liability or responsibility under this Agreement, or as a result of the termination thereof, <br /> 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 /> Page 12 of 15 <br />