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5105 <br />B. Any real property under SUBRECI PI ENTs control that was aoqui red or i mproved <br />in whole or in part with CDBG funds in ecoess of $25,000.00 must either be <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 />2. If not used in accordance with subparagraph A above~ SUBRECIR ENT <br />shal I pay to Cl TY an amount equal to the current far market val ue of the property less any porn on <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 />C. Subject to the obligab ons set forth herein, titre to equipment acquired under the <br />terms of this Agreement wi I I vest upon a00sition in SUBRECI PI ENT. When said equipment <br />which has been acquired in aocordanoe with this Agreement and ail applicable regulations is no <br />longer needed for said program, disposition of said eguipment wil I be made asfollows <br />1. 1 terns of equipment with a current per unit fa r market val ue of less than <br />$5,000.00 may be retai ned, sol d or otherwi se disposed of with no further obli gation to CI TY. <br />2. Items of equipment with a current far market per unit value of $5,000.00 or <br />more may be reta ned or sold and CITY shall have the right to an amount calculated by multiplying <br />the anent market val ue or proceeds from the sale by CI TY's share of federal funds used to acqui re <br />the egui pment, in accordance with 24 CFR 85.32(e)(2). <br />D. SUBRECIRENT hereby agrees, upon the demand of CITY, to execute; <br />acknowledge and deliver, or cause any person or entity who may have any dam 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 exeaft acknowledge and deliver, to CITY assignrnent(s), <br />quit der m deed(s) or such other and father i nstruments, documents and agreements as may be <br />necessary, in the sole and absolute discretion of CITY, to vest in CITY all of SUBRECIAENTs <br />right, title and interest (if any it may have) in and to CITY, CDBG or other federal, state and/or <br />local accounts or program funds or allocation of funds to which CITY is or may be entitled, either <br />for its own account or as fiduciay or trustee for others, which were obtained for the purpose of the <br />performance of this Agreement or any previous agreements relating to the same subject matter or <br />activities as this Agreement, together with any i nstrurmeft loam grants or advances by <br />SUBRECI PI ENT on behalf of CITY, in furtheranos of the activities hereunder or thereof. <br />SUBRECI R ENTs obligation and responsi bi I i ti es, set forth in this paragraph "X1. <br />REVERSION OF ASSETS." and in paragraph "X I I . TERMINATION" and other requirements <br />pertaining to program inane shall not be affected by the termination of tins Agreement and shall <br />survive the date of temnination of this Agreement for such period of time as CITY and/or HUD <br />deems necessary for the responsibilities, duties and obligations to be performed and completed to <br />the satisfaction of CITY and HUD. <br />12 <br />