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. 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. 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 the expiration of this Contract or termination with or without cause, the Subrecipient shall transfer to the Grantee any CDBG funds on hand at the time of expiration and any accounts receivable and/or Program Income attributable to the use of CDBG funds. Any real property under the control of the Subrecipient, improved in whole or in part with CDBG funds, and using CDBG funds in excess of twenty-five thousand dollars ($25,000), must continue to meet the National Objective described in this Contract until five (5) years after expiration or termination of this Contract, or such longer period of time as determined to be appropriate by the Grantee, or must be disposed of in a manner to cause the Grantee to be reimbursed in the amount of the current fair market value of the property less any portion thereof attributable to expenditure of non-CDBG and Non-City of Durham funds for acquisition of, or improvements to, the property. The Subrecipient shall repay to the Grantee the full amount of any funds lost, misapplied, unaccounted for or inadequately accounted for, in violation of this Contract, within thirty (30) days of notification of the debt.
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.
