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4. Progress Reports: The Subrecipientshall submit regular Progress Reports <br /> to the City in the form, content,and frequency as required by the City as set <br /> forth in Exhibit"A" Section I.D. of this agreement. <br /> D. Procurement <br /> 1 . Compliance:The Subrecipientshall comply with currentCity policy <br /> concerning the purchase of equipment and shall maintain inventory records <br /> of all non-expendable personal property as defined by such policy as may be <br /> procured with funds provided herein. All program assets (unexpended <br /> program income, property, equipment,etc.) shall revert to the City upon <br /> termination of this Agreement. <br /> 2. OMB Standards: Unless specified otherwise within this agreement,the <br /> Subrecipientshall procure all materials, property, or services in accordance <br /> with the requirements of <br /> 2 CFR 200 Uniform Administrative Requirements. <br /> 3. Travel: The Subrecipient shall obtain written approval from the City for any <br /> travel outside the Seattle/Everett area with funds provided underthis <br /> Agreement. <br /> E. Use and Reversion of Assets <br /> The use and disposition of real property and equipmentunderthisAgreementshall <br /> be in compliance with the requirements of 2 CFR 200 Uniform Administrative <br /> Requirements and 24 CFR 570.502, 570.503, and 570.504, as applicable,which <br /> include but are not limited to the following: <br /> 1. The Subrecipientshall transfer to the City any CDBG funds on hand and any <br /> accounts receivable attributable to the use of funds underthis Agreement at <br /> the time of expiration,cancellation,or termination. <br /> 2. Real property underthe Subrecipient's control that was acquired or improved, <br /> in whole or in part, with funds underthis Agreement in excess of$25,000 shall <br /> be used to meet one of the CDBG National Objectives pursuant to 24 CFR <br /> 570.208 until five (5) years after expiration of this Agreement [or such longer <br /> period of time as the City deems appropriate]. If the Subrecipientfailsto use <br /> CDBG-assisted real property in a manner that meets a CDBG National <br /> Objective for the prescribed period of time, the Subrecipientshall pay the City <br /> an amou ntequ al to the cu rrentfair market value of the property less any portion <br /> of the value attributable to expenditures of non-CDBG funds for acquisition of, <br /> or improvement to, the property. Such payment shall constitute program <br /> income to the City. The Subrecipient may retain real property acquired or <br /> improved underthis Agreement after the expiration of the five-year period [or <br /> such longer period of time as the Grantee deems appropriate]. <br />