Reversion of Assets definition

Reversion of Assets. Upon expiration of this agreement, pursuant to 24CFR 570.503 (b)(7), the Contractor shall transfer to the City of Pittsburgh any CDBG funds on hand at the time of expiration and any accounts receivable attributable to the use of CDBG funds. Such transfer shall occur within thirty (30) days of termination. AGENCY shall give a check made payable to Treasurer, City of Pittsburgh to the City of Pittsburgh. At the expiration of this agreement, pursuant to 24 CFR 570-503 (b)(7), any real property in the Contractors control that was acquired or improved in whole or part with CITY CDBG funds in excess of $25,000.00 must either: