Common use of REVERSION OF ASSETS Clause in Contracts

REVERSION OF ASSETS. Upon the expiration of this Contract or termination with or without cause, the Subrecipient shall transfer to the Grantee any CDBG funds on hand at the time of expiration and any accounts receivable and/or Program Income attributable to the use of CDBG funds. Any real property under the control of the Subrecipient, improved in whole or in part with CDBG funds, and using CDBG funds in excess of twenty-five thousand dollars ($25,000), must continue to meet the National Objective described in this Contract until five (5) years after expiration or termination of this Contract, or such longer period of time as determined to be appropriate by the Grantee, or must be disposed of in a manner to cause the Grantee to be reimbursed in the amount of the current fair market value of the property less any portion thereof attributable to expenditure of non-CDBG and Non-City of Durham funds for acquisition of, or improvements to, the property. The Subrecipient shall repay to the Grantee the full amount of any funds lost, misapplied, unaccounted for or inadequately accounted for, in violation of this Contract, within thirty (30) days of notification of the debt.