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4 <br /> deed of trust on the Property naming the County as beneficiary. The County agrees to <br /> subordinate its lien on each lot to a first lien securing private permanent financing <br /> acquired by the homebuyer. The period of affordability for HOME funds in accordance <br /> with the Act, its regulations and State Program Requirements shall be 20 years from the <br /> date of execution of this Agreement. The default interest rate shall be 7% per annum. <br /> OCHC shall provide to the County, prior to closing the sale of the Property to the <br /> homebuyer, documentation satisfactory to the County verifying the income of the <br /> homebuyer. <br /> 4. The County and OCHC agree to comply with the Act, its regulations and State <br /> Program Requirements in the purchase and sale of the Property. The County and <br /> OCHC further agree to comply with the provisions of the funding agreement, dated July <br /> 28, 1993, attached hereto and made a part of this Agreement (Exhibit B). <br /> 5. Miscellaneous Provisions. <br /> a. Termination of Agreement. The obligations of the parties hereunder and the <br /> specific obligation of OCHC to accept conveyance of the Property and construct a house <br /> thereon shall terminate upon the completion of the sale of the Property to a homebuyer. <br /> Continuing obligations of the homebuyer shall be contained in the note and deed of trust to be <br /> recorded at the time of closing of the sale of the Property. Notwithstanding the foregoing, the <br /> parties hereto may terminate this Agreement at any time by a mutual agreement to that effect in <br /> writing. <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 is given giving the <br /> defaulting party thirty (30) days in which to cure the default. As used herein, the term "an event <br /> of default" shall mean and refer to a breach of any of the terms of this Agreement including a <br /> failure to meet the time limitations contained in this Agreement and a failure to act as required <br /> by this Agreement by either party with respect to any undertaking, obligation, covenant or <br /> condition as set forth in this Agreement which the defaulting party has not cured. With respect <br /> to any event of default, the non-defaulting party may exercise any right available to it at law or <br /> in equity with respect to such default. <br /> C. Books and Records. Each party shall keep and maintain books, records and <br /> other documents relating directly to the receipt and disbursement of grant funds and the <br /> fulfillment of this Agreement. Each party agrees that any authorized representative of the <br /> County, the State, the U.S. Department of Housing and Urban Development and Comptroller <br /> General of the United States shall, at all reasonable times, have access to and the right to <br /> inspect, copy, audit and examine all of the books, records and other documents relating to the <br /> grant and the fulfillment of this Agreement for a period of three (3) years following the <br /> 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 <br />