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<br />'-" <br /> <br />'-' <br /> <br />070102 <br /> <br />SUBRECIPIENT shall: (a) prior to exercising any right under this Agreement, <br />furnish properly executed certificates of insurance and additional insured endorsement to the <br />CITY which shall clearly evidence all coverages required above; (b) provide that such insurance <br />shall not be materially changed or terminated except on 30 days prior written notice to the CITY; <br />(c) maintain such insurance for the period covered by this Agreement; and (d) replace such <br />certificates for policies expiring prior to the expiration of this Agreement. <br /> <br />XI. REVERSION OF ASSETS <br /> <br />A. Upon the expiration of this Agreement, SUBRECIPIENT shall transfer to CITY any <br />CDBG funds on hand at the time of the expiration of this Agreement as well as any accounts <br />receivable attributable to the use ofCDBG funds. [24 CFR 570.503(b)(8).] <br /> <br />B. Any real property under SUBRECIPIENT's control that was acquired or improved <br />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 national <br />objectives stated in 24 CFR 570.208 until five (5) years after expiration of this Agreement, or for <br />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, SUBRECIPIENT <br />shall pay to CITY an amount equal to the current fair market value of the property less any portion <br />of the value attributable to the expenditure of non-CDBG funds for acquisition of, or improvement <br />to, the property. Such payment is program income to CITY. <br /> <br />C. Subject to the obligations set forth herein, title to equipment acquired under the <br />terms of this Agreement will vest upon acquisition in SUBRECIPIENT. When said equipment <br />which has been acquired in accordance with this Agreement and all applicable regulations is no <br />longer needed for said program, disposition of said equipment will be made as follows: <br /> <br />I. Items of equipment with a current per unit fair market value of less than <br />$5,000.00 may be retained, sold or otherwise disposed of with no further obligation to CITY. <br /> <br />2. Items of equipment with a current fair market per unit value of $5,000.00 or <br />more may be retained or sold and CITY shall have the right to an amount calculated by multiplying <br />the current market value or proceeds from the sale by CITY's share of federal funds used to acquire <br />the equipment, in accordance with 24 CFR 85.32(e)(2). <br /> <br />D. SUBRECIPIENT hereby agrees, upon the demand of CITY, to execute, <br />acknowledge and deliver, or cause any person or entity who may have any claim to rights hereunder <br />or under any document, instrument or agreement executed in furtherance of the services and <br />activities to be performed hereunder, to execute, acknowledge and deliver, to CITY assignment(s), <br />quit claim deed(s) or such other and further instruments, documents and agreements as may be <br />necessary, in the sole and absolute discretion of CITY, to vest in CITY all of SUBRECIPIENT's <br />right, title and interest (if any it may have) in and to CITY, CDBG or other federal, state and/or <br /> <br />11 <br />