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made, or the portion of it delegated by this Contract; provided, however, that if the grant is
<br />merely reduced and in the absence of any contrary HUD directive, the Agency may readjust
<br />its budget and recommend Contract amendments to the City.
<br />2. The City may also terminate, assign or transfer this Contract when required by IUD
<br />direction.
<br />The Agency may propose to terminate this Contract in whole or in part, for good cause
<br />only, by giving at least thirty (30) days written notice specifically stating the cause for such
<br />requested termination, Any such request for termination shall be subject to the written
<br />approval of the City, acted upon by the City within ten (10) days of receipt of the notice of
<br />request to terminate. The decision of the City shall be final and conclusive, provided that
<br />such approval shall not be unreasonably withheld.
<br />4. This Contract may also be terminated by either the City or the Agency in whole or in part,
<br />by mutual agreement setting forth the reasons for such termination, the effective date, and
<br />in the case of partial termination, the portion to be terminated. However, if in the case of
<br />a partial termination, the City determines that the remaining portion of the award will not
<br />accomplish the propose for which the award was made, the City may terminate the award
<br />in its entirety.
<br />G. Project Close -Out. In the event the Agency does not expend the amount allocated under this
<br />Contract or the project is canceled, expired, assigned or terminated for any reason, any funds not
<br />claimed by the Agency and approved by the City for allowable costs by the end of the term or by
<br />the date of cancellation, expiration, or termination of this Contract, as the case may be, shall no
<br />longer be payable to the Agency under this Contract.
<br />H. Reversion of Assets. At the conclusion, cancellation, assignment or termination of this Contract,
<br />the disposition of assets under this Contract shall be in compliance with 24 CFR 570.502, 24 CFR
<br />570.503, and 24 CFR 570.504 as applicable, which include but are not limited to the following:
<br />1. Personal property and equipment acquired under this Contract shall revert to the City for
<br />disposition in compliance with 24 CFR 570.502.
<br />2. Where there is a residual inventory of unused supplies in excess of Five Thousand Dollars
<br />($5,000) in total aggregate fair market value in which the Agency has vested title through
<br />acquisitions under this Contract, and where there is no need for said supplies for any other
<br />federally sponsored programs or projects, the Agency shall compensate the City for its
<br />share in compliance with 24 CFR 570.502.
<br />3. The Agency shall transfer to the City any funds on hand and any accounts receivable
<br />attributable to the use of funds under this Contract at the time of expiration, cancellation,
<br />or termination.
<br />4. Real property under the Agency's control that was acquired or improved in whole or in part
<br />with funds under this Contract, including loans made to the Agency, in excess of Twenty
<br />Five Thousand and 00/100 Dollars ($25,000.00), unless otherwise specified in Scope of
<br />Services/Program Description, Appendix I, shall be (a) used to meet one of the national
<br />objectives pursuant to 24 CFR 570.208 until five years after expiration of this Contract, or
<br />(b) not used in accordance with H(4)(a) of this section, in which event the Agency shall
<br />pay to the City an amount equal to the current market value of the property less any portion
<br />thereof attributable to expenditures of non -Contract funds for acquisition of, or
<br />improvement to, the property.
<br />9. COMMUNITY DEVELOPMENT IDENTIFICATION IN PROJECT ACTIVITIES:
<br />A. All buildings, offices, vehicles and other such property purchased or supported in whole or in part
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