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and Records as required and for the period of time required by Section VI of this Agreement. <br />The Owner must provide the County an initial occupancy report verifying the income eligibility <br />of all tenants at the time of initial lease-up. The Owner must then furnish the County with an <br />annual report on the Project dwelling units by July 31 of each year thereafter certifying that all <br />tenants earn less than 60% of the area median income by family size, as determined by the US <br />Department of Housing and Urban Development and as amended from time to time. .. <br />Miscellaneous Provisions <br />a. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all Project dwelling units. It is the County's <br />intention that the full public benefit of the Project shall be completed under the auspices of the <br />Owner for the assisted units as follows: <br />In the event that the Owner is unable to proceed with any aspect of the Project in a timely <br />manner, and County and the Owner determine that reasonable extension(s) for completion will <br />not remedy the situation, then the Owner will retain responsibility for requirements for any <br />dwelling units assisted and County will make no further payments to the Owner. <br />In the event that the Owner, prior to the contract completion date, is unable to continue to <br />function due to, but, not limited to, dissolution or insolvency of the organization, its filing a <br />petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or <br />perform with provisions of this agreement, then the Owner shall, upon the County's request, <br />convey to the County the Property assisted with Bond funds. Conveyance shall be at the sole <br />discretion of County and on a Project 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 the Owner's agreement of the <br />Owner's inability to continue as a viable organization. The Owner shall convey the Property to <br />the County by general warranty deed, free and clear of all liens and encumbrances of record <br />except those which create a beneficial interest in County (Declaration of Restrictive Covenants <br />and Deed of Trust). <br />e. Default, Remedies. This Agreement may be terminated by anon-defaulting <br />party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br />period in which the defaulting party may act to cure. As used herein, the term "an event of <br />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 />f. Books and Records.. The Owner shall maintain records of its loan requirements <br />under this contract for a period of not less than the completion of the affordability periods for all <br />Project dwelling units. <br />6 <br />