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Exhibit B - 5 <br /> <br />5. Property Records: The Subrecipient shall maintain real property inventory records which <br />clearly identify properties purchased, improved or sold. Properties retained shall continue to <br />meet eligibility criteria and shall conform with the "changes in use" restrictions specified in <br />24 CFR Parts 570.503(b)(8), as applicable. <br /> <br />6. Close-Outs: The Subrecipient's obligation to the City shall not end until all close-out <br />requirements are completed, notwithstanding any expiration or termination of this <br />Agreement. Activities during this close-out period shall include, but are not limited to: <br />making final payments, disposing of Project assets (including the return of all unused <br />materials, equipment, unspent cash advances, program income balances, and accounts <br />receivable to the City), and determining the custodianship of records. Notwithstanding the <br />foregoing, the terms of this Agreement shall remain in effect during any period that the <br />Subrecipient has control over CDBG funds, including program income. <br /> <br />In the event that this Agreement is terminated in whole or part for any reason, the <br />following provisions shall apply: <br />a. Upon written request by the Subrecipient, the City shall make or arrange for payment <br />to the Subrecipient of allowable reimbursable costs not covered by previous <br />payments. <br />b. The Subrecipient shall submit within thirty (30) days after the date of expiration of <br />this Agreement all financial, performance and other reports required by this <br />Agreement, and in addition, will cooperate in a program audit by the City or its <br />designee. <br />c. In the event a financial audit has not been performed prior to close-out of this <br />Agreement, the City retains the right to withhold a just and reasonable sum from the <br />final payment to the Subrecipient after fully considering the recommendation on <br />disallowed costs resulting from the final audit. <br /> <br />7. Audits & Inspections: All Subrecipient records with respect to any matters covered by this <br />Agreement shall be made available to the City, its designees or the Federal Government, at <br />any time during normal business hours, as often as the City deems necessary, to audit, <br />examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in <br />audit reports must be fully cleared by the Subrecipient within 30 days after receipt by the <br />Subrecipient. Failure of the Subrecipient to comply with the above audit requirements will <br />constitute a violation of this Agreement and may result in the withholding of future <br />payments. The Subrecipient hereby agrees to have an annual agency audit conducted in <br />accordance with current City policy concerning Subrecipient audits and, as applicable, 2 CFR <br />Part 200 (Uniform Administrative Requirements, Cost Principles, and Audit Requirements for <br />Federal Awards). <br /> <br />C. Reporting and Payment Procedures <br />