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1. Items of equipment with a current per unit fair market value of less than $5,000.00
<br />may be retained, sold or otherwise disposed of with no further obligation to CITY.
<br />2. Items of equipment with a current fair market per unit value of $5,000.00 or more
<br />may be retained or sold and CITY shall have the right to an amount calculated by multiplying the current
<br />market value or proceeds from the sale by CITY's share of federal funds used to acquire the equipment, in
<br />accordance with 2 CFR 200.313(e)(2).
<br />D. SUBRECIPIENT hereby agrees, upon the demand of CITY, to execute, acknowledge and
<br />deliver, or cause any person or entity who may have any claim to rights hereunder or under any document,
<br />instrument or agreement executed in furtherance of the services and activities to be performed hereunder, to
<br />execute, acknowledge and deliver, to CITY assignment(s), quit claim deed(s) or such other and further
<br />instruments, documents and agreements as may be necessary, in the sole and absolute discretion of CITY, to
<br />vest in CITY all of SUBRECIPIENT's right, title and interest (if any it may have) in and to CITY, CDBG or
<br />other federal, state and/or local accounts or program funds or allocation of funds to which CITY is or may be
<br />entitled, either for its own account or as fiduciary or trustee for others, which were obtained for the purpose of
<br />the performance of this Agreement or any previous agreements relating to the same subject matter or
<br />activities as this Agreement, together with any instruments, loans, grants or advances by SUBRECIPIENT on
<br />behalf of CITY, in furtherance of the activities hereunder or thereof.
<br />SUBRECIPIENT's obligations and responsibilities set forth in this paragraph "XI. REVERSION OF
<br />ASSETS," and in paragraph "XII. TERMINATION" and other requirements pertaining to program income
<br />shall not be affected by the termination of this Agreement and shall survive the date of termination of this
<br />Agreement for such period of time as CITY and/or HUD deems necessary for the responsibilities, duties and
<br />obligations to be performed and completed to the satisfaction of CITY and HUD.
<br />XII. TERMINATION
<br />A. This Agreement maybe terminated on thirty (30) days' written notice by either party. hi the
<br />event of such termination, SUBRECIPIENT shall only be entitled to reimbursement for approved expenses
<br />incurred to the effective date of termination.
<br />B. This Agreement may be suspended or terminated by CITY upon five (5) days' written notice for
<br />violation by SUBRECIPIENT of Federal Laws governing the use of Community Development Block Grant
<br />Funds. In the event of such suspension or termination, SUBRECIPIENT shall only be entitled to
<br />reimbursement for approved expenses incurred up to the effective date of suspension or termination.
<br />C. Pursuant to 2 CFR 200.340, in the event SUBRECIPIENT defaults by failing to fulfill all or any
<br />of its obligations hereunder, CITY may declare a default and termination of this Agreement by written notice
<br />to SUBRECIPIENT, which default and termination shall be effective on a date stated in the notice which is to
<br />be not less than ten (10) days after certified mailing or personal service of such notice, unless such default is
<br />cured before the effective date of termination stated in such notice. If terminated for cause, CITY shall be
<br />relieved of further liability or responsibility under this Agreement, or as a result of the termination thereof,
<br />including the payment of money, except for payment for approved expenses incurred for services
<br />satisfactorily and timely performed prior to the mailing or service of the notice of termination, and except for
<br />reimbursement of (1) any payments made for services not subsequently performed in a timely and
<br />satisfactory manner, and (2) costs incurred by CITY in obtaining substitute performance.
<br />D. The grant of funds under this Agreement may be terminated for convenience by either the CITY
<br />or SUBRECIPIENT, in whole or in part, by setting forth the reasons for such termination, the effective date,
<br />mid, in the case of portion termination, their portion to b terminated, however, if in the case of a partial
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