REVERSION OF ASSETS. (a) Upon expiration of the term of this Agreement, or upon any prior termination, Subrecipient shall transfer to City any funds provided hereunder which are on hand at the time of expiration or termination.
REVERSION OF ASSETS. In the event this contract is terminated, due to breach, convenience, or expiration, the Developer agrees to transfer ownership of any real property purchased with HOME funds under this agreement or any prior written agreement, to the City, upon written notification. This clause shall not apply if the project has been completed as contractually agreed, and the applicable affordability period has expired.
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, §570.503, §570.504, and §570.505, as applicable, which includes but is not limited to the following:
REVERSION OF ASSETS. A. Upon this agreement’s expiration, the subrecipient shall transfer to the grantee any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds.
REVERSION OF ASSETS. The Subrecipient shall transfer to the Grantee any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Any real property that was acquired or improved in whole or in part with CDBG funds in excess of $25,000 must continue to meet the eligibility criteria and shall conform with the “changes in use” restrictions specified in 24 CFR 570.503(b)(8).
REVERSION OF ASSETS. The Subrecipient agrees that upon termination of this Agreement by any means, all real property of a value in excess of $25,000 under control of the Subrecipient by mortgage contract or otherwise, that is not titled in the name of the city and not so transferred, shall be treated as follows:
REVERSION OF ASSETS. The City will have the same ownership interest in any documents, plans, designs, renderings prepared, or services performed under the Scope of Work of this Agreement as the Site Developer or Owner shall have, including but not limited to any work completed or undertaken and not yet complete.
REVERSION OF ASSETS. Upon expiration of this Contract, the Contractor shall transfer to the County any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Any real property under the Contractor’s control that was acquired or improved in whole or in part with CDBG funds in excess of $25,000 must be:
REVERSION OF ASSETS. A. Upon the expiration of this Agreement, the Contractor shall transfer to the City any HHSG funds on hand at time of expiration and any accounts receivable attributable to the use of HHSG funds.
REVERSION OF ASSETS. Upon expiration of the Agreement, the SUBRECIPIENT shall transfer to the COUNTY any CDBG funds on hand at the time of expiration, any accounts receivable attributable to the use of CDBG funds, and any non-expendable personal property that was purchased with CDBG funds. Any real property under SUBRECIPIENT control that was acquired or improved in whole or in part with CDBG funds in excess of Twenty-five Thousand Dollars ($25,000) will be covered by the regulations 24 CFR Part 570.503(B)(8).
