2003 S Housing - Affordable Rentals, Inc for Housing Bond Program Development Agreement

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any event of default, the non-defaulting party may exercise any right available to it at law or in equity with respect to such default. c. Books and Records. Affordable Rentals, Inc. shall maintain records of its requirements under this contract for a period of not less than five (5} full fiscal years following the contract completion date. i. Affordable Rentals, Inc. shall ensure access to records and financial statements, as necessary, to provide effective monitoring and evaluation of project performance. Additionally, Affordable Rentals, Inc. shall submit a copy of its annual audit to the County. Upon reasonable advance notice, County or its authorized representatives may from time to time inspect, audit, and make copies of any of Affordable Rentals, Inc 's records that relate to this contract. If any audit by County discloses that payments to Affordable Rentals, Inc. were in excess of the amount to which Affordable Rentals, Inc. was entitled under this contract, Affordable Rentals, Inc. shall promptly pay to County the amount of such excess. If the excess is greater than I% of the contract amount, Affordable Rentals, Inc. shall also reimburse County its reasonable costs incurred in performing the audit. ii. Affordable Rentals, Inc. shall maintain files of all tenants, regardless of length of occupancy, residing in the assisted unit. Documentation shall verify eligibility for federal assisted housing at the point of initial tenancy and every subsequent year thereafter for the period of affordability. Information maintained shall include: tenant income level; name of family members; ethnic data; family type - e.g. female head of household; disability status; and monthly rent. iii. Affordable Rentals, Inc. shall maintain records verifying the affordability of the dwelling unit. d. Notices. Any Notice shall be in writing and shall be given by depositing the same in the United States mail, post-paid and registered or certified, and addressed to the party to be notified, with return-receipt requested, or by delivering the same in person to an officer or principal of such party. Notice deposited in the mail in the manner here in above described shall be effective upon mailing. For purposes of Notice, the addresses of the parties shall, unless changed as hereinafter provided, be as follows: i. To the County: Orange County c% Housing and Community Development Department P.O. Box 8181 Hillsborough, NC 27278 ATTN: Director ii. To Affordable Rentals, Inc.: Affordable Rentals, Inc. P.O. Box 932 Carrboro, NC 27510 ATTN: Executive Director 5