Common use of Physical Improvements Clause in Contracts

Physical Improvements. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 C.F.R. Part 84, 24 C.F.R. 570.502-504, as applicable, which include but are not limited to the following: 9.1 Any physical improvements over $5,000 must be secured by a promissory note, lien document, special warranty deed and deed of trust as specified in the Loan Documents. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full compliance period as described in Section 9.2. Annual physical inventory must be conducted to ensure the property is still in condition and use as required by the CDBG program. 9.2 Real property under the Subrecipient’s control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 9.3 After expiration of the required use period, Subrecipient is free to use the real property for another use without obligation to the City.

Physical Improvements. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 C.F.R. Part 84, 24 C.F.R. 570.502-504, as applicable, which include but are not limited to the following: 9.1 8.1 Any physical improvements over $5,000 must be secured by a promissory note, lien document, special warranty deed and deed of trust as specified in the Loan Documents. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full compliance period as described in Section 9.2period. Annual physical inventory must be conducted to ensure the property is still in condition and use as required by the CDBG program. 9.2 8.2 Real property under the Subrecipient’s control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 9.3 8.3 After expiration of the required use period, Subrecipient is free to use the real property for another use without obligation to the City.

Physical Improvements. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 C.F.R. Part 84, 24 C.F.R. 570.502-504, as applicable, which include but are not limited to the following: 9.1 Any physical improvements over $5,000 must be secured by a promissory note, lien document, special warranty deed and deed of trust as specified in the Loan Documents. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full compliance period as described in Section 9.2period. Annual physical inventory must be conducted to ensure the property is still in condition and use as required by the CDBG program. 9.2 Real property under the Subrecipient’s control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 9.3 After expiration of the required use period, Subrecipient is free to use the real property for another use without obligation to the City.