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Exhibit B - 19 <br />the property; percentage of block grant funds used in the purchase of property; location, use, <br />and condition of the property. <br /> <br />B. A physical inventory of property shall be taken and the results reconciled with the property <br />records at least once every two years to verify the existence, current utilization, and continued <br />need for the property. <br /> <br />C. A control system shall be in effect to ensure adequate safeguards to prevent loss, damage, or <br />theft to the property. Any loss, damage, or theft of the property shall be investigated and fully <br />documented. <br /> <br />D. Adequate maintenance procedures shall be implemented to keep the property in good condition. <br /> <br />E. If the Subrecipient elects to capitalize and depreciate such non-expendable personal property in <br />lieu of claiming the acquisition cost as a direct item of cost, title to such property shall remain <br />with the Subrecipient. An election to capitalize and depreciate or claim acquisition cost as a <br />direct item of cost shall be irrevocable. <br /> <br />F. Non-expendable personal property purchased by the Subrecipient under the terms of this <br />Agreement, in which title is vested in the City or Federal Government, shall not be rented, <br />loaned, or otherwise passed to any person, partnership, corporation, association or organization <br />without the prior express approval of the Department. <br /> <br />G. Any non-expendable personal property furnished to, or purchased by, the Subrecipient, title to <br />which is vested in the City or federal government, shall, unless otherwise provided herein or <br />approved by the City, be used only for the performance of activities defined in this Agreement. <br /> <br />H. The Subrecipient shall be responsible for any loss or damage to the property of the City of Everett <br />or federal government (including expenses entered thereunto) which results from negligence, <br />willful misconduct, or lack of good faith on the part of the Subrecipient to maintain and <br />administer in accordance with sound management practices that property, to ensure that the <br />property will be returned to the City or federal government in like condition to that in which <br />condition the property was acquired by purchase, fair wear and tear accepted. <br /> <br />XXI. Rule of Construction <br /> <br />In the event of an inconsistency in this Agreement/grant award, unless otherwise provided herein, <br />the inconsistency shall be resolved by giving precedence in the following order: <br /> <br />1. Appropriate provisions of state and federal statutes and regulations including HUD Community <br />Development Block Grant Regulations, <br /> <br />2. General Terms and Conditions (Exhibit B), <br />