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Chrysalis for the assisted units as follows: <br />i. In the event that Chrysalis is unable to proceed with any aspect of the Project in a <br />timely manner, and County and Chrysalis determine that reasonable extension(s) for <br />completion will not remedy the situation, then Chrysalis will retain responsibility for <br />requirements for any dwelling units assisted and County will make no further <br />payments to Chrysalis. <br />ii. In the event that Chrysalis, prior to the contract completion date, is unable to continue <br />to function due to, but, not limited to, dissolution or insolvency of the organization, <br />its filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or <br />fails to comply or perform with provisions of this agreement, then Chrysalis shall, <br />upon the County's request, convey to the County the Property assisted with HOME <br />funds. Conveyance shall be at the sole discretion of County and on a Project <br />dwelling unit by Project dwelling unit basis. <br />Conveyance shall be on the terms set forth herein: <br />Conveyance shall occur within thirty (30) days of County and Chrysalis' agreement of <br />Chrysalis inability to continue as a viable organization. Chrysalis shall convey the <br />Property to the County by general warranty deed, free and clear of all liens and <br />encumbrances of record except those which create a beneficial interest in County <br />(Declaration of Restrictive Covenants and Deed of Trust). <br />e. Default, Remedies. This Agreement maybe terminated by anon-defaulting party <br />upon an event of default hereunder, after written notice thereof and thirty (30) days grace period <br />in which the defaulting party may act to cure. As used herein, the term "an event of default" shall <br />mean and refer to a failure or act of omission by either party with respect to any undertaking, <br />obligation, covenant or condition as set forth in this Agreement. With respect to any event of <br />default, the non-defaulting party may exercise any right available to it at law or in equity with <br />respect to such default. <br />f. Books and Records. Chrysalis 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. Chrysalis shall ensure access to records and financial statements, as necessary, to <br />provide effective monitoring and evaluation of project performance. Additionally, <br />Chrysalis 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 Chrysalis records that relate to this <br />contract. If any audit by County discloses that payments to Chrysalis were in excess of the <br />amount to which Chrysalis was entitled under this contract, Chrysalis shall promptly pay <br />to County the amount of such excess. If the excess is greater than 1 % of the contract <br />5 <br />