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DocuSign Envelope ID:CD9F8982-55C9-4553-9BE5-F346295164C5 <br /> 2. In the event that the Owner, prior to the contract completion date, is unable to <br /> continue to function due to, but, not limited to, dissolution or insolvency of the <br /> organization, its filing a petition for bankruptcy or similar proceedings, or is adjudged <br /> bankrupt or fails to comply or perform with provisions of this agreement, then the <br /> Owner must sell, transfer, or otherwise dispose of its interest in the Property only to <br /> the County or an agency with similar interest in affordable housing and serve families <br /> with incomes not exceeding 80% of the area median household income by family <br /> size, as determined by the U.S. Department of Housing and Urban Development at <br /> the time of the transfer. <br /> E. Default, Remedies. This Agreement may be terminated by a non-defaulting party upon <br /> 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 <br /> of default" shall mean and refer to a failure or act of omission by either party with respect <br /> to any undertaking, obligation, covenant or condition as set forth in this Agreement. <br /> With respect to any event of default, the non-defaulting party may exercise any right <br /> available to it at law or in equity with respect to such default. <br /> F. Books and Records. The Owner 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 /> 1. The Owner shall ensure access to records and financial statements, as necessary, to <br /> provide effective monitoring and evaluation of project performance. Additionally, <br /> The Owner shall submit a copy of its annual audit to the County. <br /> 2. Upon reasonable advance notice, County or its authorized representatives may from <br /> time to time inspect, audit, and make copies of any of Owner's records that relate to <br /> this contract. If any audit by County discloses that payments to the Owner were in <br /> excess of the amount to which the Owner was entitled under this contract, Owner <br /> shall promptly pay to County the amount of such excess. If the excess is greater than <br /> 1% of the contract amount, Owner shall also reimburse County its reasonable costs <br /> incurred in performing the audit. <br /> 3. The Owner shall maintain files of all tenants, regardless of length of occupancy, <br /> residing in assisted units. Documentation shall verify eligibility for federal assisted <br /> 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; <br /> name of family members; ethnic data; family type — e.g. female head of household; <br /> disability status; and monthly rent. <br /> 4. The Owner shall maintain records verifying the affordability of the dwelling units. <br /> G. Notices. Any Notice shall be in writing and shall be given by depositing the same in the <br /> 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 />