|
or the portion of it delegated by this Contract; provided, however, that if the grant is merely reduced
<br />and in the absence of any contrary HUD directive, the Agency may readjust its budget and
<br />recommend Contract amendments to the City.
<br />2. The City may also terminate, assign or transfer this Contract when required by HUD direction.
<br />The Agency may propose to terminate this Contract in whole or in part, for good cause only, by
<br />giving at least thirty (30) days written notice specifically stating the cause for such requested
<br />termination. Any such request for termination shall be subject to the written approval of the City,
<br />acted upon by the City within ten (10) days of receipt of the notice of request to terminate. The
<br />decision of the City shall be final and conclusive, provided that such approval shall not be
<br />unreasonably withheld.
<br />4. This Contract may also be terminated by either the City or the Agency in whole or in part, by mutual
<br />agreement setting forth the reasons for such termination, the effective date, and in the case of partial
<br />termination, the portion to be terminated. However, if in the case of a partial termination, the City
<br />determines that the remaining portion of the award will not accomplish the purpose for which the
<br />award was made, the City may terminate the award in its entirety.
<br />G. Project Close -Out. In the event the Agency does not expend the amount allocated under this Contract
<br />or the project is canceled, expired, assigned or terminated for any reason, any funds not claimed by the
<br />Agency and approved by the City for allowable costs by the end of the term or by the date of cancellation,
<br />expiration, or termination of this Contract, as the case may be, shall no longer be payable to the Agency
<br />under this Contract.
<br />H. Reversion of Assets. At the conclusion, cancellation, assignment or termination of this Contract, the
<br />disposition of assets under this Contract shall be in compliance with 24 CFR 570.502, 24 CPR 570,503,
<br />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 disposition
<br />in compliance with 24 CFR 570.502.
<br />2. Where there is a residual inventory of unused supplies in excess of Five Thousand Dollars ($5,000)
<br />in total aggregate fair market value in which the Agency has vested title through acquisitions under
<br />this Contract, and where there is no need for said supplies for any other federally sponsored
<br />programs or projects, the Agency shall compensate the City for its share in compliance with 24 CFR
<br />570.502.
<br />3. The Agency shall transfer to the City any funds on hand and any accounts receivable attributable to
<br />the use of funds under this Contract at the time of expiration, cancellation, or termination.
<br />3. 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 Five
<br />Thousand and 00/100 Dollars ($25,000.00), unless otherwise specified in Scope of
<br />Services/Program Description, Appendix 1, 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 (b)
<br />not used in accordance with H(4)(a) of this section, in which event the Agency shall pay to the
<br />City an amount equal to the current market value of the property less any portion thereof
<br />attributable to expenditures of non -Contract funds for acquisition of, or improvement to, the
<br />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 with
<br />funds made available under this Contract shall identify the Program as a sponsor of the activity,
<br />F1
<br />
|