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20 <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 /> C. Books and Records. RSI shall maintain records of its grant requirements under <br /> this contract for a period of not less than five (5) full fiscal years following the contract <br /> completion date. <br /> i. RSI shall ensure access to records and financial statements, as necessary, to <br /> provide effective monitoring and evaluation of project performance. Upon reasonable <br /> advance notice, County or its authorized representatives may from time to time inspect, <br /> audit, and make copies of any of RSI's records that relate to this contract. If any audit by <br /> County discloses that payments to RSI were in excess of the amount to which RSI was <br /> entitled under this contract,RSI shall promptly pay to County the amount of such excess. <br /> If the excess is greater than 1%of the contract amount,RSI shall also reimburse County <br /> its reasonable costs incurred in performing the audit. <br /> ii. RSI shall maintain files of all buyers,regardless of length of occupancy,residing <br /> in assisted units. Documentation shall verify eligibility for federal assisted housing, at <br /> the point of initial closing on the unit, and every subsequent buyer thereafter for the <br /> period of affordability. Information maintained shall include buyer income level, ethnic <br /> data, female head of household, and disability status and Property and Improvement <br /> purchase price. <br /> iii. RSI shall maintain records verifying the affordability of the assisted 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 /> ii. To RSI: Residential Services, Inc. <br /> P.O. Box 407 <br /> Hillsborough,NC 27278 <br /> ATTN: Executive Director <br /> 20 <br />