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upon the County's request, convey to the County the properties assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis. <br />Conveyance of properties shall be on the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and the <br />Town's agreement of the Town's inability to continue as a viable organization. The <br />Town shall convey the subject properties to the County by general warranty deed, free <br />and clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants and Deed of <br />Trust). <br />b. 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 />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 />The Town shall provide access to records and financial statements, as necessary, <br />to provide effective .monitoring and evaluation of project performance. <br />Additionally, the Town shall submit a copy of its annual audit to the County. <br />Upon reasonable advance notice, County or its authorized representatives may <br />from time to time inspect, audit, and make copies of any of the Town's records <br />that relate to this contract. If any audit by County discloses that payments to the <br />Town were in excess of the amount to which the Town was entitled under this <br />contract, the Town shall promptly pay to County the amount of such excess. If the <br />excess is greater than 1 % of the contract amount, the Town shall also reimburse <br />County its 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 />Page 5 <br />