Res 2010-133 - Laserfiche WebLink

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e. For purposes of any lien or security interest, the amount of the Federal Share shall be the portion of the current fair market value of any property (after deducting any actual and reasonable selling and repair expenses incurred to put the property into marketable condition) attributable to EDA's participation in the Project. See 13 C.F.R. § 314.5. f. The alienation of Award property includes sale or other conveyance of the Recipient's interest, leasing or mortgaging the property, or granting an option for any of the foregoing. 4. Insurance and Bonding. a. Recipients that are Institutions of Higher Education, Hospitals, Other Non -Profit and Commercial Organizations. The Recipient shall, at a minimum, provide the equivalent insurance coverage for real property and equipment acquired with federal funds as provided to property owned by the Recipient. Federally -owned property need not be insured unless required by the terms and conditions of the award. See 15 C.F.R. § 14.31. b. Recipients that are State and Local Governments. If the Award exceeds the simplified acquisition threshold, EDA may accept the Recipient's or subrecipient's bonding policy and requirements if EDA determines that the Federal Interest is adequately protected. if not, the following minimum requirements shall apply: (i) A bid guarantee from each bidder equivalent to five percent of the bid price. The "bid guarantee" shall consist of a firm commitment such as a bid bond, certified check, or other negotiable instrument accompanying a bid as assurance that the bidder will, upon acceptance of the proffered bid, execute such contractual documents as may be required within the time specified; (ii) A performance bond on the part of the contractor,for 100 percent of the contract price. A "performance bond" is one executed in connection with a contract to secure fulfillment of all the contractor's obligations under such contract; and (iii) A payment bond on the part of the contractor for 100 percent of the contract price. A "payment bond" is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract. See 15 C.F.R. § 24.36(h) Leasing Restrictions. Leasing or renting of facilities or property is prohibited unless specifically authorized by EDA. The Recipient agrees that any leasing or renting of any facilities or property involved in this Project will be subject to the following: a. That said lease arrangement is consistent with the authorized general and special purpose of the Award; b. That said lease arrangement is for adequate consideration; and c. That said lease arrangement is consistent with applicable EDA requirements concerning but not limited to nondiscrimination and environmental compliance. 6. Use of Eminent Domain Prohibited. The Recipient will use funds solely for the authorized use of the Project. Pursuant to Executive Order 13406, "Protecting the Property Rights of the American People," the Recipient agrees: 27