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► ���I► 1�11�1�1VI��l�l ►�uu��►u►�uii�►��►�uu►u <br />contribution and any other initial government contribution secured by a deferred <br />payment promissory note and deed of trust) or "equity" will be divided 50/50 by the <br />seller of the Property and the County. If the initial County contribution does not <br />have to be repaid because the sale occurs more than forty years after the County <br />contribution is made, then the seller of the Property and the County will divide the <br />entire equityrealized from the sale. <br />3. The resale provision shall remain in effect for the full Period of Affordability. <br />4. Any proceeds from the recapture of funds under this provision will be used to <br />facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br />promoting affordable housing. <br />VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br />A. Owner agrees and authorizes the County to conduct on -site reviews, examine client and <br />contractor records, client applications and to conduct any other procedures or practices to <br />assure compliance with these provisions. <br />B. Owner agrees to not violate any State or Federal laws, Hiles or regulations regarding a <br />direct or indirect illegal interest on the part of any employee or elected official of the <br />Owner in the Project or payments made pursuant to this Agreement. <br />C. Owner shall adopt the audit requirements of the Office of Management and Budget <br />(hereinafter "OMB ") Circular A -110, "Grants and Agreements with Institutions of Higher <br />Education, Hospitals, and Other Nonprofit Organizations," and Circular A -122, "Cost <br />Principles for Nonprofit Organizations," and OMB Circular A -133, "Audits of <br />Institutions of Higher Education and Other Non -Profit Institutions." Owner shall submit <br />to the County copy of said audit report. Owner shall permit the authorized representatives <br />of the County, HUD and the Comptroller General of the United States to inspect and <br />audit all data and reports of the Owner relating to its performance under the Agreement. <br />D. County shall provide, upon request, copies of all laws, regulations and orders cited in this <br />Agreement. <br />E. Owner certifies by executing this Agreement that Owner has not been identified, and has <br />not utilized the services of any agent or subcontractor identified, on the list created by the <br />State Treasurer pursuant to G.S. 147- 86.58. By executing this Agreement Provider <br />certifies that Provider has not been identified, and has not utilized the services of any <br />agent or subcontractor identified, on the list created by the State Treasurer pursuant to <br />G.S. 147- 86.81. By executing this Agreement Provider affirms Provider is and shall <br />remain in compliance with Article 2 of Chapter 64 of the North Carolina General <br />Statutes. <br />F. Owner hereby assures and certifies that it will comply with the regulations, policies, <br />guidelines and requirements with respect to the acceptance and use of BOND funds in <br />