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<br />. . <br /> <br />'-" <br /> <br />....., <br /> <br />SUBRECIPIENT shall: (a) prior to exercIsing any right under this <br />Agreement, furnish properly executed certificates of insurance and additional insured <br />endorsement to the CITY which shall clearly evidence all coverages required above; (b) <br />provide that such insurance shall not be materially changed or terminated except on 30 <br />days prior written notice to the CITY; (c) maintain such insurance for the period covered <br />by this Agreement; and (d) replace such certificates for policies expiring prior to the <br />expiration of this Agreement. <br /> <br />XI. REVERSION OF ASSETS <br /> <br />A. Upon the expiration of this Agreement, SUBRECIPIENT shall transfer to <br />CITY any CDBG funds on hand at the time of the expiration of this Agreement as well as <br />any accounts receivable attributable to the use of CDBG funds. [24 CFR 570.503(b)(8).] <br /> <br />B. Any real property under SUBRECIPIENTs control that was acquired or <br />improved in whole or in part with CDBG funds in excess of $25,000.00 must either be: <br /> <br />1. Used, where CITY has given written approval, to meet one of the <br />national objectives stated in 24 CFR 570.208 until five (5) years after expiration of this <br />Agreement, or for such longer period of time as determined to be appropriate by CITY; or <br /> <br />2. If not used in accordance with subparagraph A above, <br />SUBRECIPIENT shall pay to CITY an amount equal to the current fair market value of the <br />property less any portion of the value attributable to the expenditure of non-CDBG funds <br />for acquisition of, or improvement to, the property. Such payment is program income to <br />CITY. <br /> <br />C. Subject to the obligations set forth herein, title to equipment acquired under <br />the terms of this Agreement will vest upon acquisition in SUBRECIPIENT. When said <br />equipment which has been acquired in accordance with this Agreement and all applicable <br />regulations is no longer needed for said program, disposition of said equipment will be <br />made as follows: <br /> <br />1. Items of equipment with a current per unit fair market value of less <br />than $5,000.00 may be retained, sold or otherwise disposed of with no further obligation to <br />CITY. <br /> <br />2. Items of equipment with a current fair market per unit value of <br />$5,000.00 or more may be retained or sold and CITY shall have the right to an amount <br />calculated by multiplying the current market value or proceeds from the sale by CITY's <br />share of federal funds used to acquire the equipment, in accordance with 24 CFR <br />85.32(e)(2). <br /> <br />Page 10 of 14 <br />