Agenda - 01-20-2000 - 9e - Laserfiche WebLink

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all liens and encumbrances of record. DRAFT 14 b. Default, Remedies. This Agreement may be terminated by a non - defaulting party upon an event of default hereunder, after written notice thereof and thirty (30) days grace period in which the defaulting party may act to cure. As used herein, the term "an event of default" shall mean and refer to a failure or act of omission by either party with respect to any undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to any event of default, the non - defaulting party may exercise any right available to it at law or in equity with respect to such default. C. Books and Records. Habitat shall maintain records of its grant requirements under this contract for a period of not less than five (5) full fiscal years following completion date of this contract as follows: i. Habitat shall ensure access to records and financial statements, as necessary, to provide effective monitoring and evaluation of project performance. Upon reasonable advance notice, County or its authorized representatives may from time to time inspect, audit, and make copies of any of Habitat's records that relate to this contract. If any audit by County discloses that payments to Habitat were in excess of the amount to which Habitat was entitled under this contract, Habitat shall promptly pay to County the amount of such excess. If the excess is greater than 1% of the contract amount, Habitat shall also reimburse County its reasonable costs incurred in performing the audit. ii. Habitat shall maintain files of all buyers, regardless of length of occupancy, residing in assisted units. Documentation shall verify eligibility for federal assisted housing, at the point of initial closing on the unit, and every subsequent buyer thereafter for the period of affordability. Information maintained shall include buyer income level, ethnic data, female head of household, and disability status and Property and Improvement purchase price. iii.- Habitat shall maintain records verifying the affordability of the assisted units. Each party agrees that any authorized representative of the County shall at all reasonable times, have access to and the right to inspect, copy, audit and examine all of the books, records and other documents relating to the grant and the fulfillment of this Agreement for a period of five (5) fiscal years following the completion of the Project. d. Notices. Any Notice shall be in writing and shall be given by depositing the same in the United States mail, post -paid and registered or certified, and addressed to the party to be notified, with return- receipt requested, or by delivering the same in person to an officer or principal of such party. Notice deposited in the mail in the manner here in above described shall be effective upon mailing. For purposes of Notice, the addresses of the parties shall, unless changed as hereinafter provided, be as follows: 12