CC PACKET 07301991 - Laserfiche WebLink

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• 18. The effective date of this Agreement is July 1, 1991. The termina- tion date of this Agreement is December 31, 1992, or at such time as the activity/ies constituting part of this Agreement are satisfac- torily completed prior thereto. Upon expiration, the :Subrecipient shall relinquish to the Recipient all program funds unexpended or uncommitted for the activities described in Exhibit 1.' 19. If the Subrecipient generated any program income as a result of the expenditure of CDBG funds, the provisions of 24 CFR 570.504 shall apply, as well as the following.specific stipulations:- a. The Subrecipient recognizes that it must notify the Recipient of any program income within ten (10) days of the date that such program income is generated. When program income is generated by an activity that is only partially assisted with CDBG funds, the income shall be prorated to reflect the percentage of CDBG funds used. b. That any such program income must be paid "to the Recipient by the Subrecipient as soon as practicable after such program income is generated or may be retained by the Subrecipient, as specifically identified in Exhibit 1. C. The Subrecipient further recognizes that the Recipient has the responsibility for monitoring and reporting to HUD on the use of any such program income. The responsibility for appropriate • recordkeeping by the Subrecipient and reporting to the Recip- ient by the Subrecipient on the use of such program income is hereby recognized by the Subrecipient. The Recipient agrees to provide technical assistance to the Subrecipient in estab- lishing an appropriate and proper recordkeeping and reporting system, as required by HUD. d. That in the event of close-out or change in status of the Subrecipient, any program income that is on hand or received subsequent to the close-out or change in status shall be paid to Recipient as soon as practicable after the income is received.. The Recipient agrees to notify the Subrecipient, should close-out or change in status of the Subrecipient occur. 20. Any real property under the control of the Subrecipient that was acquired or improved, in whole or in part, using CDBG funds in excess of $25,000 shall either be: a. Used to meet one of the national objectives in 24 CFR 570.208 until five years after expiration of this Agreement; or b. Disposed of in-a manner that results in the Recipient's being reimbursed in the amount of the. current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for acquisition of,- or. improve- ment to, the property.