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• default" shall mean and refer to a failure or act of omission by either party with respect to any <br />undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to <br />any event of default, the non-defaulting party may exercise any right available to it at law or in <br />equity with respect to such default. <br />c. Books and Records. OCHLT shall maintain records of its grant requirements <br />under this contract for a period of not less than five (5) full fiscal years following the contract <br />completion date. <br />i. OCHLT shall ensure access to records and financial statements, as necessary, to <br />provide effective monitoring and evaluation of project performance. Additionally, <br />OCHLT shall submit a copy of its annual audit to the County. <br />Upon reasonable advance notice, County or its authorized representatives may from time <br />to time inspect, audit, and make copies of any of OCHLT' records that relate to this <br />contract. If any audit by County discloses that payments to OCHLT were in excess of the <br />amount to which OCHLT was entitled under this contract, OCHLT shall promptly pay to <br />County the amount of such excess. If the excess is greater than 1 % of the contract <br />amount, OCHLT shall also reimburse County its reasonable costs incurred in performing <br />the audit. <br />ii. OCHLT shall maintain files of all purchasers residing in assisted units. <br />Documentation shall verify eligibility for federal assisted housing at the initial <br />occupancy. Information maintained shall include: tenant income level; name of family <br />members; ethnic data; family type - e.g. female head of household and disability status. <br />iii. OCHLT shall maintain records verifying the affordability of the dwelling units. <br />d. Notices. Any Notice shall be in writing and shall be given by depositing the <br />same in the United States mail, post-paid and registered or certified, and addressed to the party <br />to be notified, with return-receipt requested, or by delivering the same in person to an officer or <br />principal of such party. Notice deposited in the mail in the manner here in above described shall <br />be effective upon mailing. For purposes of Notice, the addresses of the parties shall, unless <br />changed as hereinafter provided, be as follows: <br />i. To the County: Orange County <br />c/o Housing and Community Development <br />Department <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />ATTN: Director <br />• <br />5 <br />