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LEASING PROJECT PROPERTY TO ANOTHER PARTY <br /> • Prior to entering into any third party contract for leasing Project property to another party, <br /> the County agrees to obtain approval from the Department. <br /> • If the County leases any Project property to another party,the County agrees to retain <br /> ownership of the leased Project property, and assure that the lessee will use the Project <br /> property appropriately,through a written lease between the County and lessee. The <br /> County agrees to use the standard lease agreement form provided by the Department <br /> and to provide a copy of the signed, executed lease agreement to the Department. <br /> • It is the County's primary responsibility to comply with Federal and State requirements of <br /> this Agreement and assure the compliance of any third party contractor. <br /> DISPOSITION OF PUBLIC PROPERTY <br /> • The County and the Department agree that the useful life for the Project property is three <br /> years. The County will use Project property continuously and appropriately throughout <br /> the useful life of that property. Upon the end of the period of useful life,the County may <br /> dispose of Project property. <br /> • When the useful life of Project property has expired,the County agrees to comply with <br /> the Department's disposition requirements as referenced at <br /> https:llcon nect.ncdot.govlbu si ness/Tra nsitJPages/Tra nsit-Financial-ManaQem ent- <br /> Resources.aspx. [Click on Procurement Tab and see Disposition Policy Guidelines <br /> under NEW VEHICLE.] <br /> • For Project property withdrawn from appropriate use before its useful life has expired,the <br /> County agrees as follows: <br /> 0 Notification Requirement. The County agrees to notify the Department <br /> immediately when any Project property is prematurely withdrawn from <br /> appropriate use,whether by planned withdrawal, misuse,or casualty loss. <br /> 0 Calculating the Fair Market Value of Prematurely Withdrawn Project Property. <br /> The County agrees that the Federal/State Government retains a Federal/State <br /> interest in the fair market value of Project property prematurely withdrawn from <br /> appropriate use. The amount of the Federal/State interest in the Project property <br /> shall be determined by the ratio of the Federal/State assistance awarded for the <br /> property to the actual cost of the property. The County agrees that the fair <br /> Agreement ID#6119 8 <br />