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<br />7 <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 />c. Books and Records. The Town 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. The Town shall ensure access to records and financial statements, as necessary, to <br />provide effective monitoring and evaluation of project performance. Additionally, <br />the Town shall submit a copy of its annual audit to the County. Upon reasonable <br />advance notice, County or its authorized representatives may from time to time <br />inspect, audit, and make copies of any of the Town's records that relate to this <br />contract. If any audit by County discloses that payments to the Town were in <br />excess of the amount to which the Town was entitled under this contract, the <br />Town shall promptly pay to County the amount of such excess. If the excess is <br />greater than 1 % of the contract amount, the Town shall also reimburse County its <br />reasonable costs incurred in performing the audit. <br />ii. The Town shall maintain files of all tenants, regardless of length of occupancy, <br />residing in the assisted unit. Documentation -shall verify eligibility for federal <br />assisted housing at the point of initial tenancy and every subsequent year <br />thereafter for the period of affordability. Information maintained shall include: <br />tenant income level; name of family members; ethnic data; family type - e.g. <br />female head of household; disability status; and monthly rent. <br />iii. The Town shall maintain records verifying the affordability of the assisted unit. <br />d. Notices. Any Notice shall be in writing and shall be given by depositing the same <br />in the United States mail, post-paid and registered or certified, and addressed to the party to be <br />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 />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 />