Common use of REVERSION OF ASSETS Clause in Contracts

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §570.503 (b)(7); and 2. Any real property under West Lakes’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §570.208 until five years after expiration of the Agreement; or b) if West Lakes fails to use the property in accordance with paragraph (a) above, West Lakes 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §570.502, which excepts 2 CFR §200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes Lighthouse shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §570.503 (b)(7); and 2. Any real property under West LakesLighthouse’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §570.208 until five years after expiration of the Agreement; or b) if West Lakes Lighthouse fails to use the property in accordance with paragraph (a) above, West Lakes Lighthouse 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes Lighthouse shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §570.502, which excepts 2 CFR §200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §§ 570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §§ 570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes Lifeboat shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §§ 570.503 (b)(7); and 2. Any real property under West LakesLifeboat’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §§ 570.208 until five years after expiration of the Agreement; or b) if West Lakes Lifeboat fails to use the property in accordance with paragraph (a) above, West Lakes Lifeboat 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes Lifeboat shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §§ 570.502, which excepts 2 CFR §§ 200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes Primrose shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §570.503 (b)(7); and 2. Any real property under West LakesPrimrose’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §570.208 until five years after expiration of the Agreement; or b) if West Lakes Primrose fails to use the property in accordance with paragraph (a) above, West Lakes Primrose 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes Primrose shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §570.502, which excepts 2 CFR §200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes CSCCF shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §570.503 (b)(7); and 2. Any real property under West LakesCSCCF’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §570.208 until five years after expiration of the Agreement; or b) if West Lakes CSCCF fails to use the property in accordance with paragraph (a) above, West Lakes CSCCF 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes CSCCF shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §570.502, which excepts 2 CFR §200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.

REVERSION OF ASSETS. The reversion of assets and use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR §§ 570.502 (applicability of uniform administrative requirements), §570.503 (subrecipients), §§ 570.504 (program income), §570.505 (recipients/grantees), and §570.200(j) (faith-based organizations), as applicable. For subrecipients, 24 CFR §570.503 requires: 1. Upon expiration of this Agreement, West Lakes GAECDC shall transfer to the City any CDBG funds or Program Income on hand at the time of expiration or termination of this Agreement and any accounts receivable attributable to the use of CDBG funds as required by 24 CFR §§ 570.503 (b)(7); and 2. Any real property under West LakesGAECDC’s control that was acquired or improved, in whole or in part, with CDBG funds in excess of $25,000 must either: a) Be used to meet one of the CDBG national objectives in 24 CFR §§ 570.208 until five years after expiration of the Agreement; or b) if West Lakes GAECDC fails to use the property in accordance with paragraph (a) above, West Lakes GAECDC 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 funds for the acquisition of, or improvement to, the property. The payment is considered Program Income to the City. West Lakes GAECDC shall also comply with the property standards in 2 CFR part 200, as modified by 24 CFR §§ 570.502, which excepts 2 CFR §§ 200.311 from the required property standards. Notwithstanding, faith-based organizations must comply with §570.200(j) which requires compliance with §200.311 and §5.109 including the requirements regarding disposition and change in use of real property by a faith-based organization. Disposition of real property by a faith-based organization after its use for an authorized purpose, or any change in use of the property from an authorized purpose, is subject to Government-wide regulations governing real property disposition (2 CFR part 200, subpart D) in addition to the CDBG program specific regulations. A faith-based organization seeking to dispose or change its use of such real property, during the term of this Agreement or after the term of this Agreement, must seek instructions from HUD and the City regarding its compliance responsibilities.