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DRAFT <br /> 14 <br /> 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. Habitat shall maintain records of its grant requirements <br /> under this contract for a period of not less than five (5) full fiscal years following completion <br /> date of this contract as follows: <br /> i. Habitat 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 Habitat's records that relate to this contract. If any audit <br /> by County discloses that payments to Habitat were in excess of the amount to which <br /> Habitat was entitled under this contract, Habitat shall promptly pay to County the amount <br /> of such excess. If the excess is greater than 1% of the contract amount, Habitat shall also <br /> reimburse County its reasonable costs incurred in performing the audit. <br /> ii. Habitat 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.- Habitat shall maintain records verifying the affordability of the assisted 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 /> 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 /> 12 <br />