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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, <br /> free 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 may be terminated by a non-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 /> 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. <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 /> 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 /> 5 <br />