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GENERAL TERMS AND CONDITIONS <br /> GENERAL GRANT <br /> FEDERAL FUNDS <br /> 7. Take such action as may be necessary, or as COMMERCE may direct, for the protection and <br /> preservation of the property related to this Grant, which is in the possession of the Grantee and <br /> in which COMMERCE has or may acquire an interest. <br /> 39. TREATMENT OF ASSETS <br /> Title to all property furnished by COMMERCE shall remain in COMMERCE. Title to all property <br /> furnished by the Grantee, for the cost of which the Grantee is entitled to be reimbursed as a direct item <br /> of cost under this Grant, shall pass to and vest in COMMERCE upon delivery of such property by the <br /> Grantee. Title to other property,the cost of which is reimbursable to the Grantee under this Grant, shall <br /> pass to and vest in COMMERCE upon (i) issuance for use of such property in the performance of this <br /> Grant, or (ii) commencement of use of such property in the performance of this Grant, or (iii) <br /> reimbursement of the cost thereof by COMMERCE in whole or in part, whichever first occurs. <br /> A. Any property of COMMERCE furnished to the Grantee shall, unless otherwise provided herein or <br /> approved by COMMERCE, be used only for the performance of this Grant. <br /> B. The Grantee shall be responsible for any loss or damage to property of COMMERCE that results <br /> from the negligence of the Grantee or which results from the failure on the part of the Grantee to <br /> maintain and administer that property in accordance with sound management practices. <br /> C. If any COMMERCE property is lost, destroyed or damaged, the Grantee shall immediately notify <br /> COMMERCE and shall take all reasonable steps to protect the property from further damage. <br /> D. The Grantee shall surrender to COMMERCE all property of COMMERCE prior to settlement upon <br /> completion, termination or cancellation of this Grant. <br /> E. All reference to the Grantee under this clause shall also include Grantee's employees, agents or <br /> Subgrantees/Subcontractors. <br /> 40. WAIVER <br /> Waiver of any default or breach shall not be deemed to be a waiver of any subsequent default or breach. <br /> Any waiver shall not be construed to be a modification of the terms of this Grant unless stated to be <br /> such in writing and signed by Authorized Representative of COMMERCE. <br /> 19 <br />