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i � <br /> � <br /> c. Maintenance. The Recipient agrees to maintain the Project real property and equipment in <br /> good operating order, and in accordance «�ith any guidelines, directives, or regulations that FTA <br /> may issue. <br /> d. Records. The Recipient agrees to keep satisfactor}� records ��zth regard to the use of the real <br /> property, equipment, and supplies, and submit to the Government upon request such information <br /> as ma}� be required to assure compliance ���ith this section of this Agreement <br /> e. Transfer of Project Propertv. <br /> (l ) Recipient Request. The Recipient may transfer assets financed under the Federal Transit <br /> Act, as amended, to a public body to be used for any public purpose ���ith no further obligation to <br /> the Go��ernment, pro�•ided that transfer is authorized by the Federal Transit Administrator and <br /> meets the requirements of section 12(k) of the Federa] Transit Act, as amended, 49 U.S.C. app. <br /> � 1608(k). <br /> (21 Go��ernment Direction. The Recipient agrees that the Go��ernment may require the <br /> Recipient to transfer title to an�� real property, equipment, or supplies financed ���ith Federal <br /> assistance made a��ailable b�� this A�reement as permitted by 49 C.F.R. � 18.32(g1 or OMB <br /> Circular A-1 10, Re��ised, �ti•hiche��er may be applicable. The Recipient also ag►-ees that the <br /> Go��ernment ma�� direct the disposition of real property or equipment financed ��•ith Federal <br /> assistance funds made a��ailable under this Agreement, as set forth by 49 C.F.R. �§ 18.31 and <br /> 18.3? or 0�1B Circular A-1 l0, Re��ised. ���hiche��er may be applicabie. <br /> f. ��'ithdra��m PropertZ. If any Project real propert�•, equipment, or supplies are not used in <br /> transit ser�ice for the duration of their useful life as determined by FTA, whether by planned <br /> ���ithdra���al, misuse or casualty loss, the Recipient agrees to notify FTA immediately. <br /> ( l ) Federal Interest in Propertv. Unless other���ise appro��ed by the Go��ernment, the <br /> Recipient agrees to remit to the Go��ernment the Federal interest in the fair market ��alue, if any. <br /> of the real property, equipment, or supplies ���hose aggregate ��alue exceeds $5,000. The amount <br /> of that Federal interest sha11 be determined on the basis of the ratio of the Federal assistance <br /> a���arded by the Go��ernment for the Project to the actua] cost of the Project. <br /> (2) Fair I�larket Value. T'he follo«�ing requirements apply to the calculation of fair market <br /> value: <br /> (a) Eauipment and Su�plies. Unless other���ise appro��ed in writing by FTA, the fair <br /> market ��alue of equipment and supplies „�ill be the value of that property at the time <br /> immediately before the occurrence that prompted the ���ithdra���al of the equipment or supplies <br /> from transit use. The fair market ��alue shall be calculated on straight line depreciation of the <br /> equipment or supplies, based on a useful life appro��ed by FTA, irrespective of the reason for <br /> ���ithdra���al of equipment or supplies from transit use. The fair market value of equipment or <br /> supplies lost or damaged by casualty or fire «�ill be calculated on the basis of the condition of the <br /> equipment or supplies immediately before the casualty or fire, irrespective of the extent of <br /> insurance co�•erage. <br /> Page l3 <br />