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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />organization, its filing a petition for bankruptcy or similar proceedings, or is <br />adjudged bankrupt or fails to comply or perform with provisions of this <br />agreement, then the Owner shall, upon the County's request, convey to the <br />County the Property assisted with Bond funds. Conveyance shall be at the sole <br />discretion of County and on a Project dwelling unit by Project dwelling unit basis. <br />c. Conveyance shall occur within thirty (30) days of County and the Owner's <br />agreement of the Owner's inability to continue as a viable organization. The <br />Owner shall convey the Property to the County by general warranty deed, free and <br />clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants and Deed of <br />Trust). <br />2. Default, Remedies. This Agreement may be terminated by a non - defaulting party <br />upon an event of default hereunder, after written notice thereof and thirty (30) days <br />grace period in which the defaulting party may act to cure. As used herein, the term <br />"an event of default" shall mean and refer to a failure or act of omission by either <br />party with respect to any undertaking, obligation, covenant or condition as set forth in <br />this Agreement. With respect to any event of default, the non - defaulting parry may <br />exercise any right available to it at law or in equity with respect to such default. <br />3. Books and Records. The Owner shall maintain records of its loan requirements <br />under this contract for a period of not less than the completion of the affordability <br />periods for all Project dwelling units. <br />a. The Owner shall ensure access to records and financial statements, as necessary, <br />to provide effective monitoring and evaluation of project performance. <br />Additionally, the Owner shall submit a copy of its annual audit to the County. <br />b. Upon reasonable advance notice, County or its authorized representatives may <br />from time to time inspect, audit, and make copies of any of the Owner records <br />that relate to this contract. If any audit by County discloses that payments to the <br />Owner were in excess of the amount to which the Owner was entitled under this <br />contract, the Owner shall promptly pay to County the amount of such excess. If <br />the excess is greater than 1% of the contract amount, the Owner shall also <br />reimburse County its reasonable costs incurred in performing the audit. <br />c. The Owner shall maintain files of all tenants, regardless of length of occupancy, <br />residing in assisted units. Documentation shall verify eligibility for federal <br />assisted housing at the point of initial tenancy and every subsequent year <br />thereafter for the period of affordability. Information maintained shall include: <br />tenant income level; name of family members; ethnic data; family type — e.g. <br />female head of household; disability status; and monthly rent. <br />d. The Owner shall maintain records verifying the affordability of the dwelling units. <br />8 <br />