Agmt20 CDBG - Agreement Human Investmant Project - HIP- Home Sharing Program

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14. REVERSION OF ASSETS. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR Sections 570.502, 570.503, and 570.504, as applicable, which include but are not limited to the following: A. Upon the expiration or earlier termination of this Agreement, Subrecipient will return to City any CDBG funds on hand at such time and any accounts receivable attributable to the use of CDBG funds. B. Upon the expiration or earlier termination of this Agreement, any real property under Subrecipient's control that was acquired or improved in whole or in part with CDBG funds (including CDBG funds provided to Subrecipient in the form of a loan) in excess of $25,000 be either: (i) Used to meet one of the national objectives in 24 CFR Section 570.208 (formerly §570.901) until five years after expiration of the agreement, or for such longer period of time as determined to be appropriate by the recipient; or (ii) When not used in accordance with Subsection 13(B)(i) above, Subrecipient will pay City an amount equal to the current market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for the acquisition of, or improvement to, the property. No payment is required after the five-year period specified in Subsection 13(B)(i) has expired. 15. CONTRACTOR'S STATUS. In the performance of the obligations set forth in this Agreement, Subrecipient will have the status of an independent contractor and will not be deemed to be an employee, agent or officer of City. 16. SUBCONTRACTING. Subrecipient will not subcontract any portion of the Project without prior written approval of City. If Subrecipient subcontracts any portion of the Project, Subrecipient will be fully responsible to City for the acts and omissions of Subrecipient's subcontractor and of the persons either directly or indirectly employed by Subrecipient. Nothing contained in this Agreement will create any contractual relationship between any subcontractor of Subrecipient and City. Subrecipient will be responsible for payment of subcontractors. Subrecipient will bind every subcontractor and every REV: 08-17-2020 PR ATTY/AGR.2020.150/H U MAN INVESTMENT PROJECT (HIP HOUSING) (Page 8 of 20)