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DRAFT <br /> 5 <br /> Conveyance of properties shall occur within thirty (30) days of County and <br /> EmPOWERment's agreement of EmPOWERment's inability to continue as a viable <br /> organization. EmPOWERment shall convey the subject properties to County by <br /> statutory warranty deed, free and clear of all liens and encumbrances of record. <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. EmPOWERment shall maintain records of its grant <br /> requirements under this contract for a period of not less than five (5) full fiscal years following <br /> completion date of this contract as follows: <br /> i. EmPOWERment shall ensure access to records and financial statements, as <br /> necessary,to provide effective monitoring and evaluation of project performance. Upon <br /> reasonable advance notice, County or its authorized representatives may from time to <br /> time inspect, audit, and make copies of any of EmPOWERment's records that relate to <br /> this contract. If any audit by County discloses that payments to EmPOWERment were in <br /> excess of the amount to which EmPOWERment was entitled under this contract, <br /> EmPOWERment shall promptly pay to County the amount of such excess. If the excess <br /> is greater than 1% of the contract amount, EmPOWERment shall also reimburse County <br /> its reasonable costs incurred in performing the audit. <br /> ii. EmPOWERment shall maintain files of all buyers, regardless of length of <br /> occupancy,residing in assisted units. Documentation shall verify eligibility for federal <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. EmPOWERment shall maintain records verifying the affordability of the assisted <br /> units. <br /> Each party agrees that any authorized representative of the County shall at all reasonable times, <br /> have access to and the right to inspect, copy, audit and examine all of the books, records and <br /> other documents relating to the grant and the fulfillment of this Agreement for a period of five <br /> (5) fiscal years following the completion of the Project. <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 /> 5 <br />