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8 <br /> not be rented, loaned, or transferred without the prior express written approval of <br /> the County. <br /> B. Unless provided otherwise by agreement of the parties, if the Agency elects to <br /> capitalize and depreciate such nonexpendable personal property in lieu of claiming <br /> the acquisition cost, title to such property shall remain with the Agency. An election <br /> to capitalize and depreciate or claim acquisition cost as a direct cost shall be <br /> irrevocable and must be made at the time the asset is purchased, developed, or <br /> acquired. <br /> C. Such nonexpendable personal property shall only be used by the Agency or its <br /> Subagencies in the performance of this Agreement or any Contract, unless <br /> otherwise provided herein or approved by the County. <br /> D. As a condition precedent to reimbursement for the purchase or acquisition of <br /> nonexpendable personal property, the Agency agrees to execute security <br /> instruments and other documents that are necessary for the County, state, federal, <br /> or other funding agency to protect its interest in such property in accordance with <br /> Article 9A of the Uniform Commercial Code, as codified in Title 62A RCW, including, <br /> but not limited to, completion of UCC-1, UCC-2, and UCC-3 forms. The Agency also <br /> agrees to name the County (or funding agency) as lien holder(s) on certificates of <br /> title for all motor vehicles in accordance with Title 46 RCW, unless otherwise <br /> approved by the County. <br /> E. The Agency shall submit completed certificates of title and applicable UCC forms for <br /> equipment and fixtures to the County with the claim for reimbursement on which they <br /> are claimed. The security interest shall be retained beyond the term of any Contract <br /> for the serviceable life of the property, beginning on the date of purchase, to ensure <br /> its continued use for the purpose intended. <br /> F. The Agency shall maintain records, perform inventories, and maintain control <br /> systems to prevent loss, damage, or theft of County property. The Agency shall be <br /> responsible for: <br /> 1. Performing an annual physical inventory of all nonexpendable personal property <br /> of the County in its possession or control and requiring such inventories of any <br /> Subagency that is in possession of such property provided under a Subcontract <br /> to any Contract, at the end of the Agency's fiscal year during any Contract; <br /> 2. Loss, damage and expenses, which result from negligence, willful misconduct, or <br /> lack of good faith on the part of the Agency or Subagencies or failure on the part <br /> of the Agency or Subagencies to maintain and administer the property in <br /> accordance with sound management practices; <br /> 3. Ensuring that the property will be returned to the County in like condition as <br /> furnished to or acquired by the Agency, reasonable wear and tear excepted; and <br /> 4. Notifying the County of loss, destruction, or damage to any County property and <br /> taking all reasonable steps to protect that property from further damage. <br /> G. The Agency and any Subagency shall surrender to the County all property of the <br /> County within thirty (30) calendar days after rescission; termination, cancellation, or <br /> Basic Terms and Conditions Agreement <br /> City of Everett <br /> HSD-20 15-i 01-198 <br /> Page 15 of 31 <br /> 49 <br />