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intention that the full public benefit of the Project shall be completed under the auspices of <br /> Habitat for the assisted units as follows: <br /> In the event that Habitat is unable to proceed with any aspect of the Project in a timely manner, <br /> and County and Habitat determine that reasonable extension(s) for completion will not remedy <br /> the situation, then Habitat will retain responsibility for requirements for any dwelling units <br /> assisted and County will make no further payments to the Habitat. <br /> In the event that Habitat, prior to the contract completion date, is unable to continue to function <br /> due to, but, not limited to, dissolution or insolvency of the organization, its filing a petition for <br /> bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with <br /> provisions of this agreement, then Habitat shall, upon the County's request, convey to the County <br /> the Property assisted with HOME funds. Conveyance shall be at the sole discretion of County <br /> 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 Habitat's agreement of the <br /> Habitat's inability to continue as a viable organization. Habitat shall convey the Property to the <br /> County by general warranty deed, free and clear of all liens and encumbrances of record except <br /> those which create a beneficial interest in County (Declaration of Restrictive Covenants and <br /> Deed of Trust). <br /> e. Default,Remedies. This Agreement may be terminated by a non-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. Habitat 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. Habitat shall ensure access to records and financial statements, as necessary, to <br /> provide effective monitoring and evaluation of project performance. Additionally, Habitat shall <br /> submit a copy of its annual audit to the County. <br /> ii. Upon reasonable advance notice, County or its authorized representatives may <br /> from time to time inspect, audit, and make copies of any of Habitat records that relate to this <br /> contract. If any audit by County discloses that payments to Habitat were in excess of the amount <br /> to which Habitat was entitled under this contract, Habitat shall promptly pay to County the <br /> amount of such excess. If the excess is greater than 1% of the contract amount, Habitat shall also <br /> reimburse County its reasonable costs incurred in performing the audit. <br /> 6 <br />