Orange County NC Website
Browse       Search
intention that the full public benefit of the Project shall be completed under the auspices of the <br /> CHT for the assisted units as follows: <br /> In the event that the CHT is unable to proceed with any aspect of the Project in a timely manner, <br /> and County and the CHT determine that reasonable extension(s) for completion will not remedy <br /> the situation, then the CHT will retain responsibility for requirements for any dwelling units <br /> assisted and County will make no further payments to the CHT. <br /> In the event that the CHT, prior to the contract completion date, is unable to continue to <br /> function due to, but, not limited to, dissolution or insolvency of the organization, its filing a <br /> petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or <br /> perform with provisions of this agreement, then the CHT shall, upon the County's request, <br /> convey to the County the Property assisted with Bond funds. Conveyance shall be at the sole <br /> discretion of County and on a Project dwelling unit by Project dwelling unit basis. <br /> Conveyance shall be on the terms set forth herein: <br /> Conveyance shall occur within thirty (30) days of County and the CHT's agreement of the <br /> CRT's inability to continue as a viable organization. The CHT shall convey the Property to the <br /> County by general warranty deed, free and clear of all liens and encumbrances of record except <br /> those which create a beneficial interest in County (Declaration of Restrictive Covenants and <br /> Deed of Trust). <br /> e. 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 /> f. Books and Records. The CHT shall maintain records of its loan requirements <br /> under this contract for a period of not less than the completion of the affordability periods for all <br /> Project dwelling units. <br /> i. The CHT shall ensure access to records and financial statements, as necessary, to <br /> provide effective monitoring and evaluation of project performance. Additionally, the CHT <br /> shall submit a copy of its annual audit to the County. <br /> ii. Upon reasonable advance notice, County or its authorized representatives may <br /> from time to time inspect, audit, and make copies of any of the CHT records that relate to this <br /> contract. If any audit by County discloses that payments to the CHT were in excess of the <br /> amount to which the CHT was entitled under this contract, the CHT shall promptly pay to <br /> County the amount of such excess. If the excess is greater than 1% of the contract amount, the <br /> CHT shall also reimburse County its reasonable costs incurred in performing the audit. <br /> 5 <br />