Common use of REVERSION OF ASSETS Clause in Contracts

REVERSION OF ASSETS. Upon expiration of this Contract, the Contractor shall transfer to the County any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Any real property under the Contractor’s control that was acquired or improved in whole or in part with CDBG funds in excess of $25,000 must be:

REVERSION OF ASSETS. Upon expiration of this Contract, the Contractor shall transfer to the County any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Any It shall also include provisions designed to ensure that any real property under the Contractor’s control that was acquired or improved in whole or in part with CDBG funds in excess of $25,000 must beis either: