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9 <br /> all liens and encumbrances of record except those which create a beneficial interest in <br /> County(Declaration of Restrictive Covenants). <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 HOME <br /> assisted housing, at the point of initial closing on the unit, and every subsequent buyer <br /> thereafter for the period of affordability. Information maintained shall include buyer <br /> income level, ethnic data, female head of household, and disability status and Property <br /> and Improvement purchase price. <br /> iii. OCHLT shall maintain records verifying the affordability of the assisted units. <br /> Each party agrees that any authorized representative of the County, the State, the U.S. <br /> Department of Housing and Urban Development and Comptroller General of the United States <br /> shall, at all reasonable times, have access to and the right to inspect, copy, audit and examine all <br /> of the books, records and other documents relating to the grant and the fulfillment of this <br /> Agreement for a period of five (5) fiscal years following the completion of the Project. <br /> d. Conflict with HOME Agreement. Notwithstanding anything herein to the <br /> contrary, the parties hereto acknowledge the due execution of a HOME Program Agreement <br /> between the County and the U.S. Department of Housing and Urban Development and agree that <br /> any conflict between the provisions, requirements, duties or obligations of this Agreement and <br /> the HOME Agreement shall be resolved in favor of the HOME Agreement. <br /> 9 <br />