Orange County NC Website
Browse       Search
i <br /> in which the defaulting party may act to cure As used herein,the term"an event of default" shall <br /> mean and refer to a failure or- act of omission by either party with respect to any undertaking, <br /> obligation, covenant or condition as set forth in this Agreement. With respect to any event of <br /> default, the non-defaulting party may exercise any right available to it at law or in equity with i <br /> respect to such default. <br /> C.. Books and Records. OPC Foundation 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 <br /> i. OPC Foundation shall ensure access to records and financial statements, as <br /> necessary, to provide effective monitoring and evaluation of project performance <br /> Additionally,OPC Foundation shall submit a copy of its annual audit to the County., <br /> Upon reasonable advance notice, County or its authorized representatives may from time <br /> to time inspect, audit, and make copies of any of OPC Foundation's records that relate to <br /> this contract. If any audit by County discloses that payments to OPC Foundation were in <br /> excess of the amount to which OPC Foundation was entitled under- this contract, OPC <br /> Foundation shall promptly pay to County the amount of such excess., If the excess is <br /> greater than 1% of'the contract amount, OPC Foundation shall also reimburse County its <br /> reasonable costs incurred in per forming the audit <br /> ii. OPC Foundation shall maintain files of all tenants, regardless of length of <br /> occupancy, residing in assisted units, Documentation shall verify eligibility for federal <br /> assisted housing at the point of initial tenancy and every subsequent year thereafter for the <br /> period of affordability Information maintained shall include: tenant income level; name <br /> of family members; ethnic data; family type — e g.• female head of household; disability <br /> status; and monthly rent. <br /> iii. OPC Foundation shall maintain records verifying the affordability of'the dwelling <br /> units <br /> d. Notices. Any Notice shall be in writing and shall be given by depositing the same <br /> in the United States mail, post-paid and registered or certified, and addressed to the party to be <br /> notified, with return-receipt requested, or by delivering the same in person to an officer or <br /> principal of'such party Notice deposited in the mail in the manner here in above described shall <br /> be effective upon mailing For purposes of Notice, the addresses of the parties shall, unless <br /> changed as hereinafter provided,be as follows: <br /> i To the County: Orange County <br /> c/o Housing and Community Development <br /> Department <br /> P O Box 8181 <br /> Hillsborough,NC 27278 <br /> ATTN: Director <br /> 5 <br />