Laserfiche WebLink
<br />endorsement to the SAEC, for approval by the SAEC's Attorney which shall <br />clearly evidence all coverage required above; (b) provide that such insurance shall <br />not be materially changed or terminated except on 30 days prior written notice to <br />the SAEC; (c) maintain such insurance for the period covered by this Agreement; <br />and (d) replace such certificates for policies expiring prior to the expiration of this <br />Agreement. A sample Additional Insured Endorsement in the form acceptable to <br />the City Attorney is hereby attached as Exhibit E. <br /> <br />XI. REVERSION OF ASSETS <br /> <br />A. Upon the expiration of this Agreement, SUB RECIPIENT shall transfer to SAEC <br />any FEZ funds on hand at the time ofthe expiration ofthis Agreement as well as any <br />accounts receivable attributable to the use of FEZ funds. <br /> <br />B. Any real property under SUBRECIPIENT's control that was acquired or improved <br />in whole or in part with FEZ funds in excess of $25,000.00 must either be: <br /> <br />1. Used, where SAEC has given written approval, to meet one of the national <br />objectives stated under federal law until five (5) years after expiration of this <br />Agreement, or for such longer period of time as determined to be appropriate <br />by SAEC; or <br /> <br />2. If not used in accordance with subparagraph A above, SUBRECIPIENT <br />shall pay to SAEC 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- <br />FEZ funds for acquisition of, or improvement to, the property. Such <br />payment is program income to SAEC. <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 SUB RECIPIENT. When said <br />equipment which has been acquired in accordance with this Agreement and all <br />applicable regulations is no longer needed for said program, disposition of said <br />equipment will be made as follows: <br /> <br />1. 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 <br />obligation to SAEC. <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 SAEC shall have the right to an amount <br />calculated by multiplying the current market value or proceeds from the sale <br />by SAEC's share of federal funds used to acquire the equipment. <br /> <br />D. SUBRECIPIENT hereby agrees, upon the demand of SAEC, to execute, <br />acknowledge and deliver, or cause any person or entity who may have any claim to <br />rights hereunder or under any document, instrument or agreement executed in <br />furtherance of the services and activities to be performed hereunder, to execute, <br />acknowledge and deliver, to SAEC assignment(s), quit claim deed(s) or such other <br />