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5 <br />7. The County and EmPOWERment agree to comply with the Act, its regulations <br />and Federal Program Requirements in the purchase and sale of the Property. <br />The County and EmPOWERment further agree to comply with the provisions of <br />the funding agreement, dated August 13, 1998, attached hereto and made a part <br />of this Agreement (Exhibit B). <br />8. Miscellaneous Provisions. <br />a. Termination of Agreement The obligations of the parties hereunder and <br />the specific obligation of EmPOWERment to acquire; rehabilitate, if necessary; and resell <br />available property in the form of single family dwellings; condominiums, and/or townhouse <br />located in Orange County to eligible Orange County residents shall terminate upon the <br />completion of the sale of the Property to a homebuyer. Continuing obligations of the <br />homebuyer shall be contained in the note and deed of trust to be recorded at the time of <br />closing of the sale of the Property. Notwithstanding the foregoing, the parties hereto <br />may terminate this Agreement at any time by a mutual agreement to that effect in <br />writing. <br />b. Default, Remedies. This Agreement may be terminated by a non- <br />defaulting party upon an event of default hereunder, after written notice thereof is given <br />giving the defaulting party thirty (30) days in which to cure the default. As used herein, <br />the term "an event of default" shall mean and refer to a breach of any of the terms of <br />this Agreement including a failure to meet the time limitations contained in this <br />Agreement and a failure to act as required by this Agreement by either party with <br />respect to any undertaking, obligation, covenant or condition as set forth in this <br />Agreement which the defaulting party has not cured. With respect to any event of <br />default, the non-defaulting party may exercise any right available to it at law or in equity <br />with respect to such default. <br />c. Books and Records. Each party shall keep and maintain books, records <br />and other documents relating directly to the receipt and disbursement of grant funds <br />and the fulfillment of this Agreement. Each party agrees that any authorized <br />representative of the County, the State, the U.S. Department of Housing and Urban <br />Development and Comptroller General of the United States shall, at all reasonable <br />times, have access to and the right to inspect, copy, audit and examine all of the books, <br />records and other documents relating to the grant and the fulfillment of this Agreement <br />for a period of three (3) years following the completion of the Project. <br />d. Conflict with HOME Agreement Notwithstanding anything herein to the <br />contrary, the parties hereto acknowledge the due execution of a HOME Program <br />Agreement between the County and the U.S. Department of Housing and Urban <br />Development and agree that any conflict between the provisions, requirements, duties <br />or obligations of this Agreement and the HOME Agreement shall be resolved in favor of <br />the HOME Agreement. <br />5 <br />