Use and Reversion of Assets. The use and disposition of any real property and equipment that was acquired or improved in whole or in part with CDBG funds shall be in compliance with the requirements of 24 CFR Part 570 Subpart J, as applicable. Any real property under Subrecipient's control must either be: 1. Used by the Subrecipient to meet one of the national objectives in 24 CFR 570.200(a)(2) and (3) until five (5) years after expiration or termination of the Grantee's Agreement with HUD; or 2. Transferred to the Grantee; or 3. Disposed of in a manner, which results in the amount of the then current fair market value of the property less any portion thereof attributable to expenditures of non-CDBG funds for acquisition thereof, or improvements to, the property being reimbursed to the Grantee. Such reimbursement is not required if disposed of more than five (5) years after the expiration or termination of this Agreement. 4. Further, if within five (5) years of the termination or expiration of this Agreement, the Subrecipient ceases to use any or all personal property attributable to CDBG funds to meet a national objective, the personal property shall either revert to the Grantee or be disposed of in accordance with the applicable federal rules and regulations, including, but not limited to OMB Circular A-1103. 5. The Grantee, in its sole discretion, shall determine whether the Subrecipient use of any property meets a national objective contained in 24 CFR 570.200 (a)(2) and (3). 6. After the expiration of five (5) years, the Subrecipient shall have no obligation to comply with this section regarding real or personal property. 7. Nothing contained herein shall be construed to conflict with the duties of the Subrecipient as set forth in the Texas Non-Profit Corporation Act (Tex. Xxx. Civ. St. Art. 1396-1.01, et seq.) or any other applicable statute.
Appears in 9 contracts
Samples: Non Profit Subrecipient Agreement, Non Profit Subrecipient Agreement, Non Profit Subrecipient Agreement
Use and Reversion of Assets. The use and disposition of any real property and equipment that was acquired or improved in whole or in part with CDBG funds shall be in compliance with the requirements of 24 CFR Part 570 Subpart J, as applicable. Any real property under Subrecipient's control must either be:
1. Used by the Subrecipient to meet one of the national objectives in 24 CFR 570.200(a)(2) and (3) until five (5) years after expiration or termination of the Grantee's Agreement with HUD; or
2. Transferred to the Grantee; or
3. Disposed of in a manner, which results in the amount of the then current fair market value of the property less any portion thereof attributable to expenditures of non-CDBG funds for acquisition thereof, or improvements to, the property being reimbursed to the Grantee. Such reimbursement is not required if disposed of more than five (5) years after the expiration or termination of this Agreement.
4. Further, if within five (5) years of the termination or expiration of this Agreement, the Subrecipient ceases to use any or all personal property attributable to CDBG funds to meet a national objective, the personal property shall either revert to the Grantee or be disposed of in accordance with the applicable federal rules and regulations, including, but not limited to OMB Circular A-1103.
5. The Grantee, in its sole discretion, shall determine whether the Subrecipient use of any property meets a national objective contained in 24 CFR 570.200 (a)(2) and (3).
6. After the expiration of five (5) years, the Subrecipient shall have no obligation to comply with this section regarding real or personal property.
7. Nothing contained herein shall be construed to conflict with the duties of the Subrecipient as set forth in the Texas Non-Profit Corporation Act (Tex. Xxx. Civ. St. Art. 1396-1.01, et seq.) or any other applicable statute.
Appears in 5 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
