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<br />e <br /> <br />e <br /> <br />X. INSURANCE <br /> <br />A. SUBRECIPIENT shall furnish the SAEC Clerk's Office with an insurance <br />certificate from its workers compensation insurance carrier certifying that it <br />carries such insurance as established and required under California law and <br />that the policy shall not be canceled nor the coverage reduced except upon <br />thirty (30) days prior notice to SAEC. <br /> <br />B. SUBRECIPIENT shall obtain, at its sole cost, a policy or policies of <br />commercial general liability insurance, or equivalent form, with a combined <br />single limit of not less than $1,000,000 per occurrence. <br /> <br />Such insurance shall: (1) name the SAEC of Santa Ana, its officers, <br />agents, representatives, employees and volunteers as additional insureds; <br />(2) be primary with respect to insurance or self-insurance programs <br />maintained by the SAEC; (3) contain standard separation of insureds <br />provisions; and (4) give to SAEC prompt and timely notice of claim made <br />or suit instituted arising out of SUBRECIPIENT's operations hereunder. <br />SUBRECIPIENT shall: (a) prior to exercising any right under this <br />Agreement, furnish properly executed certificates of insurance and <br />additional insured endorsement to the SAEC, for approval by the SAEC's <br />Attorney which shall clearly evidence all coverage required above; (b) <br />provide that such insurance shall not be materially changed or terminated <br />except on 30 days prior written notice to the SAEC; (c) maintain such <br />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 <br />SAEC any FEZ funds on hand at the time of the expiration of this Agreement <br />as well as any accounts receivable attributable to the use of FEZ funds. <br /> <br />B. Any real property under SUBRECIPIENT's control that was acquired or <br />improved in whole or in part with FEZ funds in excess of $25,000.00 must <br />either be: <br /> <br />1. Used, where SAEC has given written approval, to meet one of the <br />national objectives stated under federal law until five (5) years after <br />expiration of this Agreement, or for such longer period of time as <br />determined to be appropriate by SAEC; or <br /> <br />2. If not used in accordance with subparagraph A above, <br />SUBRECIPIENT shall pay to SAEC an amount equal to the current <br />fair market value of the property' less any portion of t~e value <br />attributable to the expenditure of non-FEZ funds for acquisition of, or <br />improvement to, the property. Such payment is program income to <br />SAEC. <br /> <br />Page 9 of 13 <br />