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1 <br /> 19 <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. OCHLT 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. OCHLT shall ensure access to records and financial statements, as necessary, to <br /> provide effective monitoring and evaluation of project performance. Upon reasonable <br /> advance notice, County or its authorized representatives may from time to time inspect, <br /> audit, and make copies of any of OCHLT`s records that relate to this contract. If any audit <br /> by County discloses that payments to OCHLT were in excess of the amount to which <br /> OCHLT was entitled under this contract,OCHLT shall promptly pay to County the <br /> amount of such excess. If the excess is greater than 1% of the contract amount, OCHLT <br /> shall also reimburse County its reasonable costs incurred in performing the audit. <br /> ii. OCHLT shall maintain files of all buyers,regardless of length of occupancy, <br /> residing in assisted units. Documentation shall verify eligibility for federal assisted <br /> housing, at the point of initial closing on the unit, and every subsequent buyer thereafter <br /> for the period of affordability. Information maintained shall include buyer income level, <br /> ethnic data, female head of household, and disability status and Property and <br /> Improvement purchase price. <br /> iii. OCHLT shall maintain records verifying the affordability of the assisted units. <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 /> i. 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 /> i <br />