Contract - Community Homebuyers Corp Inc - Homeownership Assistance Program

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The proposed revisions shall be subject to the City's written approval and amendment to this Contract. F. Termination. giving five (5) working days written notice specifying the effective date, the City may terminate this Contract in whole or in part for cause, which shall include: (a) failure, for any reason, of the Agency to fulfill in a timely and proper manner its obligations under this Contract, including compliance with the approved program and Contract conditions, and such statutes, executive orders, and HUD directives as may become applicable at any time; (b) submission by the Agency to the City of reports that are incorrect or incomplete in any material respect; (c) ineffective or improper use of funds provided under this Contract; (d) failure of the Agency to supply the City with regular reports and data necessary to the continuing planning process of the City; or (e) suspension or termination by HUD of the grant to the City under which this Contract is made, or the portion of it delegated by this Contract; provided, however, that if the grant is merely reduced and in the absence of any contrary HUD directive, the Agency may readjust its budget and recommend Contract amendments to the City. 2. The City may also terminate, assign or transfer this Contract when required by HUD direction. The Agency may propose to terminate this Contract in whole or in part, for good cause only, by giving at least thirty (30) days written notice specifically stating the cause for such requested termination. Any such request for termination shall be subject to the written approval of the City, acted upon by the City within ten (10) days of receipt of the notice of request to terminate. The decision of the City shall be final and conclusive, provided that such approval shall not be unreasonably withheld. 4. This Contract may also be terminated by either the City or the Agency in whole or in part, by mutual agreement setting forth the reasons for such termination, the effective date, and in the case of partial termination, the portion to be terminated. However, if in the case of a partial termination, the City determines that the remaining portion of the award will not accomplish the purpose for which the award was made, the City may terminate the award in its entirety. G. 1'aITctic t Close-Oul. In the event the Agency does not expend the amount allocated under this Contract or the project is canceled, expired, assigned or terminated for any reason, any funds not claimed by the Agency and approved by the City for allowable costs by the end of the term or by the date of cancellation, expiration, or termination of this Contract, as the case may be, shall no longer be payable to the Agency under this Contract. H. Reversion of Assets. At the conclusion, cancellation, assignment or termination of this Contract, the disposition of assets under this Contract shall be in compliance with 24 CFR 570.502, 24 CFR 570.503, and 24 CFR 570.504 as applicable, which include but are not limited to the following: 1. Personal property and equipment acquired under this Contract shall revert to the City for disposition in compliance with 24 CFR 570.502. CDBG Program Contract Page 4