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intention that the full public benefit of the Project shall be completed under the auspices of the <br /> Sublessee for the assisted units as follows: <br /> In the event that the Sublessee is unable to proceed with any aspect of the Project in a timely <br /> manner, and County and the Sublessee determine that reasonable extension(s) for completion <br /> will not remedy the situation, then The Sublessee will retain responsibility for requirements for <br /> any dwelling units assisted and County will make no further payments to the Sublessee. <br /> In the event that the Sublessee, 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 Sublessee shall, upon the County's request, <br /> convey to the County the Property assisted with HOME 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 Sublessee's agreement of the <br /> Sublessee's inability to continue as a viable organization. The Sublessee shall convey the <br /> Property to the County by general warranty deed, free and clear of all liens and encumbrances of <br /> record except those which create a beneficial interest in County (Declaration of Restrictive <br /> Covenants and Deed of Trust). <br /> e. Default, Remedies. This Agreement may be terminated by a non-defaulting <br /> parry 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 Sublessee shall maintain records of its grant <br /> requirements under this contract for a period of not less than five (5) full fiscal years following <br /> the contract completion date. <br /> i. The Sublessee shall ensure access to records and financial statements, as <br /> necessary, to provide effective monitoring and evaluation of project performance. Additionally, <br /> The Sublessee 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 Sublessee records that relate to <br /> this contract. If any audit by County discloses that payments to The Sublessee were in excess of <br /> the amount to which The Sublessee was entitled under this contract, The Sublessee shall <br /> promptly pay to County the amount of such excess. If the excess is greater than 1% of the <br /> contract amount, The Sublessee shall also reimburse County its reasonable costs incurred in <br /> performing the audit. <br /> 6 <br />