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DF V�9 <br /> OCHC will retain responsibility for HOME requirements for any HOME units <br /> assisted and County will make no further payments to OCHC. <br /> ii. In the event that OCHC, prior to the close of the final affordability period, is <br /> unable to continue to function due to, but, not limited to, closure or insolvency of <br /> the organization, filing a petition of bankruptcy or similar proceedings, or is <br /> adjudged bankrupt or fails to comply or perform with provisions of this agreement <br /> as required by federal HOME regulations, then OCHC shall, upon the County's <br /> request, convey to the County the properties assisted with HOME funds and <br /> included in the CLT. Conveyance shall be at the sole discretion of County and on <br /> a property by property 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 <br /> OCHC's agreement of OCHC's inability to continue as a viable organization. <br /> OCHC shall convey the subject properties to City by statutory warranty deed, <br /> free and clear of all liens and encumbrances of record. <br /> b. Default, Remedies. This Agreement may be terminated by a non- <br /> defaulting party upon an event of default hereunder, after written notice thereof and <br /> thirty (30) days grace period in which the defaulting party may act to cure. As used <br /> herein, the term "an event of default" shall mean and refer to a failure or act of omission <br /> by either party with respect to any undertaking, obligation, covenant or condition as set <br /> forth in this Agreement. With respect to any event of default, the non-defaulting party <br /> may exercise any right available to it at law or in equity with respect to such default. <br /> C. Books and Records. . OCHC shall maintain records of its HOME grant <br /> requirements under this contract for a period of not less than five (5) full fiscal years <br /> following completion date of this contract as follows: <br /> i. OCHC shall ensure access to records and financial statements, as <br /> necessary, to provide effective monitoring and evaluation of project <br /> performance. Upon reasonable advance notice, County or its authorized <br /> representatives may from time to time inspect, audit, and make copies of <br /> any of OCHC's records that relate to this contract. If any audit by County <br /> discloses that payments to OCHC were in excess of the amount to which <br /> OCHC was entitled under this contract, OCHC shall promptly pay to <br /> County the amount of such excess. If the excess is greater than 1% of the <br /> contract amount, OCHC shall also reimburse County its reasonable costs <br /> incurred in performing the audit. <br /> ii. OCHC shall maintain files of all Homebuyers, regardless of length of <br /> occupancy, residing in HOME assisted units. Documentation shall verify <br />