Common use of Use and Reversion of Assets Clause in Contracts

Use and Reversion of Assets. The Subrecipient shall use all CDBG-assisted property acquired under this Agreement in accordance with 24 CFR 570.505 for a period of five (5) years following the date the IOCRA issued a “Certificate of Completion” to the Recipient respective to the Recipient’s CDBG Program. Unless specified otherwise within this Agreement, at the conclusion, cancellation, assignment or termination of this Agreement, the disposition of assets under this Agreement shall be in compliance with 24 CFR 570.503, 24 CFR 570.504, and 24 CFR 570.505, as applicable, which include but are not limited to the following: (1) Personal property and equipment acquired under this Agreement shall revert to the Recipient or disposition in compliance with 24 CFR 570.503., unless Subrecipient continues to carry out the same Program for which said property and equipment was acquired. (2) Where there is a residual inventory of unused supplies in excess of $5,000.00 in total aggregate fair market value in which the Subrecipient has vested title through acquisitions under this Agreement, and where there is no need for said supplies for any other federally sponsored programs or projects, the Subrecipient shall compensate the Recipient for its share in compliance with 24 CFR 570.502. (3) The Subrecipient shall transfer to the Recipient any funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. (4) Real property under the Subrecipient’s control that was acquired or improved in whole or in part with funds under this Contract in excess of $25,000.00, unless otherwise specified in Scope of Services, Appendix I, shall be (a) used to meet one of the national objectives pursuant to 24 CFR 570.208 until five (5) years after the IOCRA issues a “Certificate of Completion” respective to the approved CDBG Program to the Recipient, or (b) disposed of in a manner which results in the Recipient being reimbursed in the amount of 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 to Recipient shall constitute CDBG Program Income and shall be subject to the provisions of 24 CFR 570.489(e). (5) If so specified in Appendix I to this Agreement, the Subrecipient may retain CDBG-assisted real and personal property acquired under the Recipient’s CDBG Program after the expiration of the five-year period covered by 24 CFR 570.503 and 24 CFR 570.505.

Use and Reversion of Assets. The Subrecipient shall use all CDBG-assisted property acquired under this Agreement in accordance with 24 CFR 570.505 for a period of five (5) years following the date the IOCRA issued a “"Certificate of Completion” " to the Recipient respective to the Recipient’s 's CDBG Program. Unless specified otherwise within this Agreement, at the conclusion, cancellation, assignment or termination of this Agreement, the disposition of assets under this Agreement shall be in compliance with 24 CFR 570.503, 24 CFR 570.504, and 24 CFR 570.505, as applicable, which include but are not limited to the following: (1) Personal property and equipment acquired under this Agreement shall revert to the Recipient or disposition in compliance with 24 CFR 570.503., unless Subrecipient continues to carry out the same Program for which said property and equipment was acquired. (2) Where there is a residual inventory of unused supplies in excess of $5,000.00 in total aggregate fair market value in which the Subrecipient has vested title through acquisitions under this Agreement, and where there is no need for said supplies for any other federally sponsored programs or projects, the Subrecipient shall compensate the Recipient for its share in compliance with 24 CFR 570.502. (3) The Subrecipient shall transfer to the Recipient any funds on hand and any accounts receivable attributable to the use of funds under this Agreement at the time of expiration, cancellation, or termination. (4) Real property under the Subrecipient’s 's control that was acquired or improved in whole or in part with funds under this Contract in excess of $25,000.00, unless otherwise specified in Scope of Services, Appendix I, shall be (a) used to meet one of the national objectives pursuant to 24 CFR 570.208 until five (5) years after the IOCRA issues a “"Certificate of Completion” " respective to the approved CDBG Program to the Recipient, or (b) disposed of in a manner which results in the Recipient being reimbursed in the amount of 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 to Recipient shall constitute CDBG Program Income and shall be subject to the provisions of 24 CFR 570.489(e). (5) If so specified in Appendix I to this Agreement, the Subrecipient may retain CDBG-assisted real and personal property acquired under the Recipient’s 's CDBG Program after the expiration of the five-year period covered by 24 CFR 570.503 and 24 CFR 570.505.