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18. The effective date of this Agreement is July 1, 1990. The termina- <br /> tion date of this Agreement is December 31, 1991, or at such time as <br /> the activity/ies constituting part of this Agreement are satisfac- <br /> torily completed prior thereto. Upon expiration, the Subrecipient <br /> shall relinquish to the Recipient all program funds unexpended or <br /> uncommitted for the activities described in Exhibit 1. <br /> 19. If the Subrecipient generated any program income as a result of the <br /> expenditure of CDBG funds, the provisions of 24 CFR 570.504 shall <br /> apply, as well as the following specific stipulations: <br /> a. The Subrecipient recognizes that it must notify the Recipient <br /> of any program income within ten (10) days of the date that <br /> such program income is generated. When program income is <br /> generated by an activity that is only partially assisted with <br /> CDBG funds, the income shall be prorated to reflect the <br /> percentage of CDBG funds used. <br /> b. That any such program income must be paid to the Recipient by <br /> the Subrecipient as soon as practicable after such program <br /> income is generated or may be retained by the Subrecipient, as <br /> specifically identified in Exhibit 1. <br /> C. The Subrecipient further recognizes that the Recipient has the <br /> responsibility for monitoring and reporting to HUD on the use <br /> of any such program income. The responsibility for appropriate <br /> recordkeeping by the Subrecipient and reporting to the Recip- <br /> ient by the Subrecipient on the use of such program income is <br /> hereby recognized by the Subrecipient. The Recipient agrees <br /> to provide technical assistance to the Subrecipient in estab- <br /> lishing an appropriate and proper recordkeeping and reporting <br /> system, as required by HUD. <br /> d. That in the event of close-out or change in status of the <br /> Subrecipient, any program income that is on hand or received <br /> subsequent to the close-out or change in status shall be paid <br /> to Recipient as soon as practicable after the income is <br /> received. The Recipient agrees to notify the Subrecipient, <br /> should close-out or change in status of the Subrecipient occur. <br /> 20. Any real property under the control of the Subrecipient that was <br /> acquired or improved, in whole or in part, using CDBG funds in <br /> excess of $25,000 shall either be: <br /> a. Used to meet one of the national objectives in 24 CFR 570.208 <br /> until five years after expiration of this Agreement; or <br /> b. Disposed of in a manner that results in the Recipient's being <br /> reimbursed in the amount of the current fair market value of <br /> the property less any portion of the value attributable to <br /> expenditures of non-CDBG funds for acquisition of, or improve- <br /> meet to, the property. <br /> 5 <br />