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with funds. Conveyance shall be at the sole discretion of County and on a dwelling <br /> unit by 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, <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 <br /> the excess is greater than 1% of the contract amount, The Town shall also <br /> reimburse 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 assisted units. 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 units. <br />