Res 2010-133 - Laserfiche WebLink

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Special Award Conditions Texas State University & City of San Marcos Page 7 EDA Award No. 08 -01 -04606 give rise to the appearance or existence of financial or personal conflicts of interest in this Project, or involve an Interested Party as defined in EDA Regulations. 18. RECORDED STATEMENT The Recipient expressly agrees to grant to the Government, prior to initial grant disbursement, a first priority unsubordinated lien against, covenant or other statement of EDA's interest in the property acquired or improved in whole or in part with the funds made available under this award. The statement shall specify in years the estimated useful life of the project and shall include, but not be limited to disposition, encumbrance, and compensation of Federal share requirements of 13 CFR Part 314. The statement shall be satisfactory in form and substance to EDA. The statement of EDA's interest must be perfected and placed of record in the real property records of the jurisdiction in which the property is located, all in accordance with local law. EDA will in its own discretion determine whether the lien, covenant or statement of interest is satisfactory, and EDA may require an opinion of counsel for the Recipient that it is valid and enforceable according to its terms, and has been properly recorded. Facilities, in which the EDA investment is only a small part of a large project, as determined by EDA, may be exempted from the requirements of this section. The Recipient further agrees that: (a) except as provided in 13 CFR 314.3(b), (c) or (d), whenever, during the expected useful life of the project, any property acquired or improved in whole or in part with grant assistance is disposed of, or no longer used for the authorized purpose of the project, the Federal Government must be compensated by the Recipient for the Federal share of the value of the property; provided that for equipment and supplies, the standards of the Uniform Administrative Requirements for Grants at 15 CFR Parts 14 and 24 or any supplements or successors thereto, as applicable, shall apply. (b) if property is disposed of or encumbered without EDA approval, EDA may assert its interest in the property to recover the Federal share of the value of the property for the Federal Government. EDA may pursue its rights under both paragraphs (a) and (b) of this section to recover the Federal share, plus costs and interest. (c) the Federal share of the value of property is that percentage of the current fair market value of the property attributable to the EDA participation in the project (after deducting actual and reasonable selling and fix -up expenses, if any, incurred to put the property into condition for sale). The Federal share excludes that value of the property attributable to acquisition or improvements before or after EDA's participation in the project and not included in project costs. (d) the lien, covenant or other statement of EDA's interest must remain in effect throughout the useful life of the Project which is determined to be 20 years. Where the Recipient's interest in property is leasehold for a term of years less than the depreciable remaining life of the property, that factor will be considered in determining the percentage of the Federal share.