Common use of Use and Reversion of Assets Clause in Contracts

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR Part 84 and 24 CFR 570.502. 570.503, and 570.504, as applicable, which include but are not limited to the following: A. Subrecipient shall transfer to City any Program funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. Real property under Subrecipient’s control that was acquired or improved, in whole or in part, with funds under this Agreement in excess of $25,000 shall be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 until five (5) years after expiration of this Agreement (or such longer period of time as the City deems appropriate). If Subrecipient fails to use CDBG-assisted real property in a manner that meets a CDBG National Objective for the prescribed period of time, Subrecipient shall pay City an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for acquisition of, or improvement to, the property. Such payment shall constitute program income to City. Subrecipient may retain real property acquired or improved under this Agreement after the expiration of the five-year period (or such longer period of time as City deems appropriate). C. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall be Program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment). Equipment not needed by the Subrecipient for activities under this Agreement shall be (a) transferred to City (an amount equal to the current fair market value of the equipment less the percentage of non- CDBG funds used to acquire the equipment).

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall will be in compliance with the requirements of 24 2 CFR Part 84 200.311 and 313, 24 CFR 570.502. , 570.503, and 570.504, as applicable, which include but are not limited to the following: A. 1. The Subrecipient shall will transfer to City the Local Government any Program CDBG funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. 2. Real property under the Subrecipient’s control that was acquired or improved, in whole or in part, with funds under this Agreement in excess of $25,000 shall will be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 until five ten (510) years after expiration of this Agreement (or such longer period of time as the City deems appropriate)contract between Commerce and the Local Government is closed. If the Subrecipient fails to use CDBG-assisted real property in a manner that meets a CDBG National Objective for the prescribed this 10-year period of time, the Subrecipient shall will pay City the Local Government an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for acquisition of, or improvement to, the propertyproperty after the CDBG program’s approval. Such payment shall will constitute program income to Citythe Local Government. The Subrecipient may retain real property acquired or improved under this Agreement after the expiration of the five-ten- year period (or such longer period of time as City deems appropriate)period. C. 3. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall will be Program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment)program income. Equipment not needed by the Subrecipient for activities under this Agreement shall will be (a) transferred to City the Local Government for CDBG-eligible activities as approved by the CDBG program or (an amount equal to b) retained after compensating the current fair market value of the equipment less the percentage of non- CDBG funds used to acquire the equipment)Local Government.

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 2 CFR Part 84 200 Uniform Administrative Requirements and 24 CFR 570.502. , 570.503, and 570.504, as applicable, which include but are not limited to the following: A. 1. The Subrecipient shall transfer to the City any Program CDBG funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. 2. Real property under Subrecipient’s control that was acquired or improved, in whole or in part, the Subrecipient with funds under this Agreement in excess of $25,000 shall be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 until five (5) years after expiration of this Agreement ([or such longer period of time as the City deems appropriate)]. If the Subrecipient fails to use CDBG-assisted real property in a manner that meets a CDBG National Objective for the prescribed period of time, the Subrecipient shall pay the City an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-non- CDBG funds for acquisition of, or improvement to, the property. Such payment shall constitute program income to the City. The Subrecipient may retain real property acquired or improved under this Agreement after the expiration of the five-year period ([or such longer period of time as the City deems appropriate)]. C. 3. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall be Program program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment). Equipment not needed by the Subrecipient for activities under this Agreement shall be (a) transferred to the City for the CDBG program or (b) retained after compensating the City [an amount equal to the current fair market value of the equipment less the percentage of non- non-CDBG funds used to acquire the equipment)].

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 2 CFR Part 84 200 Uniform Administrative Requirements and 24 CFR 570.502. , 570.503, and 570.504, as applicable, which include but are not limited to the following: A. 1. The Subrecipient shall transfer to the City any Program CDBG funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. 2. Real property under Subrecipient’s control that was acquired the Subrecipient uired or improved, in whole or in part, with funds under this Agreement in excess of $25,000 shall be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 until five (5) years after expiration of this Agreement ([or such longer period of time as the City deems appropriate)]. If the Subrecipient fails to use CDBG-assisted real property in a manner that meets a CDBG National Objective for the prescribed period of time, the Subrecipient shall pay the City an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-non- CDBG funds for acquisition of, or improvement to, the property. Such payment shall constitute program income to the City. The Subrecipient may retain real property acquired or improved under this Agreement after the expiration of the five-year period ([or such longer period of time as the City deems appropriate)]. C. 3. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall be Program program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment). Equipment not needed by the Subrecipient for activities under this Agreement shall be (a) transferred to the City for the CDBG program or (b) retained after compensating the City [an amount equal to the current fair market value of the equipment less the percentage of non- non-CDBG funds used to acquire the equipment)].

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall be in compliance with follow the requirements of 24 CFR Part 84 and 24 CFR 570.502. 570.503, and 570.504Title 2 of the Code of Federal Regulations (CFR), as applicable, which include but are not limited to the following: A. Subrecipient 1. The Sub-recipient shall transfer to the City any Program ARPA funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. 2. Real property under Subrecipientthe Sub-recipient’s control that was acquired or improved, in whole or in part, with funds under this Agreement in excess of $25,000 shall be used to meet one of the CDBG National Objectives categories pursuant to 24 CFR 570.208 until five (5) years after expiration of this Agreement (or such longer period of time as the City deems appropriate)Agreement. If Subrecipient the Sub-recipient fails to use CDBGARPA-assisted real property in a manner that meets a CDBG an ARPA National Objective for the prescribed period of time, Subrecipient the Sub-recipient shall pay the City an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG ARPA funds for acquisition of, or improvement to, the property. Such payment shall constitute program income to the City. Subrecipient The Sub-recipient may retain real property acquired or improved under this Agreement after the expiration of the five-year period (or such longer period of time as the City deems appropriate). C. 3. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall be Program program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment). Equipment not needed by the Subrecipient Sub- recipient for activities under this Agreement shall be (a) transferred to the City for the ARPA program or (b) retained after compensating the City [an amount equal to the current fair market value of the equipment less the percentage of non- CDBG non-ARPA funds used to acquire the equipment)].

Use and Reversion of Assets. The use and disposition of real property and equipment under this Agreement shall be in compliance with follow the requirements of 24 CFR Part 84 and 24 CFR 570.502. 570.503, and 570.504Title 2 of the Code of Federal Regulations (CFR), as applicable, which include but are not limited to the following: A. Subrecipient 1. The Sub-recipient shall transfer to the City any Program ARPA funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. B. 2. Real property under Subrecipientthe Sub-recipient’s control that was acquired or improved, in whole or in part, with funds under this Agreement in excess of $25,000 shall be used to meet one of the CDBG National Objectives categories pursuant to 24 CFR 570.208 until five (5) years after expiration of this Agreement (or such longer period of time as the City deems appropriate)Agreement. If Subrecipient the Sub-recipient fails to use CDBGARPA-assisted real property in a manner that meets a CDBG an ARPA National Objective for the prescribed period of time, Subrecipient the Sub-recipient shall pay the City an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG ARPA funds for acquisition of, or improvement to, the property. Such payment shall constitute program income to the City. Subrecipient The Sub-recipient may retain real property acquired or improved under this Agreement after the expiration of the five-year period (or such longer period of time as the City deems appropriate). C. 3. In all cases in which equipment acquired, in whole or in part, with funds under this Agreement is sold, the proceeds shall be Program program income (prorated to reflect the extent to that funds received under this Agreement were used to acquire the equipment). Equipment not needed by the Subrecipient Sub-recipient for activities under this Agreement shall be (a) transferred to the City (an amount equal to for the current fair market value of the equipment less the percentage of non- CDBG funds used to acquire the equipment).ARPA program or