JOHN DELULIO TRUST (2) - Laserfiche WebLink

Home Browse Search

and timely performed prior to the mailing or service of the notice of termination, and except for reimbursement of (1) any payments made for services not subsequently performed in a timely and satisfactory manner, and (2) costs incurred by CITY in obtaining substitute performance. D. The grant of funds under this agreement may be terminated for convenience in accordance with 24 CFR 85.44. E. In the event this agreement is terminated as set forth in sub -paragraphs IXA through IXD, inclusive, DEVELOPER agrees to immediately return to CITY upon CITY's demand and prior to any adjudication of DEVELOPER's rights, any and all funds not used. X REVERSION OF ASSETS Upon the expiration of this agreement, DEVELOPER shall transfer to CITY any CDBG funds on hand at the time of the expiration of this agreement as well as any accounts receivable attributable to the use of CDBG funds. Any real property under DEVELOPER'S control that was acquired or improved in whole or in part with CDBG funds in excess of $25,000.00 must either be: A. Used to meet one of the national objectives stated in 24 CFR 570.208 until five (5) years after expiration of this agreement, or for such longer period of time as determined to be appropriate by CITY; or B . Disposed of in a manner that results in CITY' s being reimbursed in the amount of the current fair market value of the property less any portion of the value attributable to the expenditure of non-CDBG funds to acquisition of, or improvement to, the property. Furthermore! DEVELOPER hereby agrees, upon the demand of CITY, to execute, acknowledge and deliver, or to cause any person or entity who may have any claim to rights hereunder or under any document, instrument or agreement executed in furtherance of the services and activities to be performed hereunder, to execute, acknowledge and deliver, to CITY assignment(s), quit claim deed(s) or such other and further instruments, documents and agreements as may be necessary, in the sale and absolute discretion of -CITY, to vest in CITY all of DEVELOPER'S right, title and interest ( if any it may have) in and to CITY, CDBG or other federal, state and/or local accounts or program funds or allocation of funds to which CITY is or may be entitled, either for its own account or as fiduciary or trustee for others, which were obtained for the purpose of the performance of this agreement or any previous agreements relating to the same subject matter or activities as this agreement, together with any instruments, loans, grants or Page 8 of 11 Pages