Common use of Reversion of Assets Clause in Contracts

Reversion of Assets. Upon expiration or termination of the Contract and subject to this Article: (a) If applicable, Developer shall transfer to the GLO any CDBG-DR funds Developer has in its possession at the time of expiration or termination that are not attributable to work performed on the Project and any accounts receivable attributable to the use of CDBG-DR funds awarded under this Contract; and (b) If applicable, real property under Developer’s control that was acquired or improved, in whole or in part, with funds in excess of $25,000 under this Contract shall be used to meet one of the CDBG-DR National Objectives pursuant to 24 C.F.R. § 570.208, as identified in the Action Plan, until five (5) years after the expiration of this Contract or such longer period of time as the GLO deems appropriate. If Developer fails to use the CDBG-DR funded real property in a manner that meets a CDBG-DR National Objective for the prescribed period of time, Developer shall pay the GLO an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG-DR funds for acquisition of, or improvement to, the property. Developer may retain real property acquired or improved under this Contract after the expiration of the five-year period or such longer period of time as the GLO deems appropriate.

Reversion of Assets. Upon expiration or termination of the Contract and subject to this Article: (a) If applicable, Developer Subrecipient shall transfer to the GLO any CDBG-DR MIT funds Developer Subrecipient has in its possession at the time of expiration or termination that are not attributable to work performed on the Project and any accounts receivable attributable to the use of CDBG-DR MIT funds awarded under this Contract; and (b) If applicable, real property under DeveloperSubrecipient’s control that was acquired or improved, in whole or in part, with funds in excess of $25,000 under this Contract shall be used to meet one of the CDBG-DR MIT National Objectives pursuant to 24 C.F.R. § 570.208, as identified in the Action Plan, until five (5) years after the expiration of this Contract or such longer period of time as the GLO deems appropriate. If Developer Subrecipient fails to use the CDBG-DR MIT funded real property in a manner that meets a CDBG-DR MIT National Objective for the prescribed period of time, Developer Subrecipient shall pay the GLO an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG-DR MIT funds for acquisition of, or improvement to, the property. Developer Subrecipient may retain real property acquired or improved under this Contract after the expiration of the five-year period or such longer period of time as the GLO deems appropriate.

Reversion of Assets. Upon expiration or termination of the Contract and subject to this Article: (a) : If applicable, Developer Subrecipient shall transfer to the GLO any CDBG-DR funds Developer Subrecipient has in its possession on hand at the time of expiration or termination that are not attributable to work performed on the Project and any accounts receivable attributable to the use of CDBG-DR funds awarded under this Contract; and (b) and If applicable, real property under DeveloperSubrecipient’s control that was acquired or improved, in whole or in part, with funds under this Contract in excess of $25,000 under this Contract shall be used to meet one of the CDBG-DR National Objectives pursuant to 24 C.F.R. § 570.208, as identified in the Action Plan, 570.208 until five (5) years after the expiration of this Contract or such longer period of time as the GLO deems appropriate. If Developer Subrecipient fails to use the CDBG-DR DR- funded real property in a manner that meets a CDBG-DR National Objective for the prescribed period of time, Developer Subrecipient shall pay the GLO an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG-DR funds for acquisition of, or improvement to, the property. Developer Subrecipient may retain real property acquired or improved under this Contract after the expiration of the five-year period or such longer period of time as the GLO deems appropriate.”

Reversion of Assets. Upon expiration or termination of the Contract and subject to this Article: (a) : If applicable, Developer Subrecipient shall transfer to the GLO any CDBG-DR funds Developer Subrecipient has in its possession on hand at the time of expiration or termination that are not attributable to work performed on the Project and any accounts receivable attributable to the use of CDBG-DR funds awarded under this Contract; and (b) and If applicable, real property under DeveloperSubrecipient’s control that was acquired or improved, in whole or in part, with funds under this Contract in excess of $25,000 under this Contract shall be used to meet one of the CDBG-DR National Objectives pursuant to 24 C.F.R. § 570.208, as identified in the Action Plan, 570.208 until five (5) years after the expiration of this Contract or such longer period of time as the GLO deems appropriate. If Developer Subrecipient fails to use the CDBG-DR DR- funded real property in a manner that meets a CDBG-DR National Objective for the prescribed period of time, Developer Subrecipient shall pay the GLO an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG-DR funds for acquisition of, or improvement to, the property. Developer Subrecipient may retain real property acquired or improved under this Contract after the expiration of the five-year period or such longer period of time as the GLO deems appropriate.” 3. SECTIONS 5.01(b) and 5.01(c) of the Contract are deleted in their entirety and replaced with the following:

Reversion of Assets. Upon expiration or termination of the Contract and subject to this Article:In Process (a) If applicable, Developer Subrecipient shall transfer to the GLO any CDBG-DR MIT funds Developer Subrecipient has in its possession at the time of expiration or termination that are not attributable to work performed on the Project and any accounts receivable attributable to the use of CDBG-DR MIT funds awarded under this Contract; and (b) If applicable, real property under DeveloperSubrecipient’s control that was acquired or improved, in whole or in part, with funds in excess of $25,000 under this Contract shall be used to meet one of the CDBG-DR MIT National Objectives pursuant to 24 C.F.R. § 570.208, as identified in the Action Plan, until five (5) years after the expiration of this Contract or such longer period of time as the GLO deems appropriate. If Developer Subrecipient fails to use the CDBG-DR MIT funded real property in a manner that meets a CDBG-DR MIT National Objective for the prescribed period of time, Developer Subrecipient shall pay the GLO an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG-DR MIT funds for acquisition of, or improvement to, the property. Developer Subrecipient may retain real property acquired or improved under this Contract after the expiration of the five-year period or such longer period of time as the GLO deems appropriate.