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6.5 The Borrower's financial management system shall provide for: <br /> (a) Accurate, current, and complete disclosure of the financial results of the <br /> Program in accordance with the reporting requirements; <br /> (b) Records that identify adequately the source and application of funds for <br /> activities supported by the Program; <br /> (c) Effective control over and accountability for all funds advanced under this <br /> commitment and funding agreement; <br /> (d) Comparison of actual outlays with budgeted amounts for the Program; <br /> (e) Accounting records that are supported by source documentation; <br /> (f) Systematic methods to ensure timely and appropriate resolution of audit <br /> findings and recommendations. <br /> 6.6 The Borrower shall maintain financial records, supporting documents, statistical <br /> records and all other records pertinent to this Project for a period of three years <br /> from the Conversion Date or from the time this commitment and funding <br /> agreement is otherwise completed or terminated. If any litigation, claim or audit <br /> starts before the expiration of the three year period, the records shall be retained <br /> until all litigation, claims, or audit findings involving the records have been <br /> resolved. <br /> 7. Non-Displacement Policy <br /> 7.1 The Borrower may not permanently displace residents occupying the project site, <br /> unless relocation was disclosed in the Application and approved by the Agency. <br /> 7.2 Occupants may be displaced temporarily only if the Borrower submits to the <br /> Agency a written plan specifying the relocation assistance available, and the <br /> Agency has approved the plan in writing. <br /> 8. Representations, Warranties and Covenants <br /> 8.1 The Borrower must be duly qualified to do business in the State of North Carolina <br /> as a nonprofit organization recognized by the Internal Revenue Service under <br /> section 501(c)(3) of the Internal Revenue Code, and has the power and authority to <br /> execute and perform all the undertakings of this Commitment Letter and the <br /> approved project. <br /> 8.2 This Commitment Letter shall be governed and construed in accordance with the <br /> laws of the State of North Carolina. <br /> 8.3 There is no action, suit or proceeding at law or in equity or by or before any <br /> governmental instrumentality or agency, or to the knowledge of the Borrower, <br /> threatened against or affecting it, which, if adversely determined, would materially <br /> impair its right or ability to carry on business as now conducted, or as <br /> contemplated under this commitment, or that would materially adversely affect its <br /> financial condition. <br /> 8.4 The Borrower shall not sell, assign, transfer or otherwise convey any of its interests <br /> under this commitment. The Borrower shall not transfer or contract to transfer any <br /> of its general partnership interest or the controlling corporate stock, as the case <br /> may be, during the period of this commitment. <br /> 8 <br />