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R8B656505 5 585 10 <br />116 <br />i. 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. <br />ii. Owner shall convey the Property to the County by general warranty deed, free <br />and clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants and Deed <br />of 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 party 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 the County access to records and financial statements, as <br />necessary, 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 Habitat records that <br />relate to this contract. If any audit by County discloses that payments to Habitat <br />were in excess of the amount to which Habitat was entitled under this contract, <br />Habitat shall promptly pay to County the amount of such excess. If the excess is <br />greater than 1% of the contract amount, Habitat shall also reimburse County its <br />reasonable costs incurred in performing the audit. <br />c. Habitat shall maintain files of all homebuyers, regardless of length of occupancy, <br />residing in assisted units. Documentation shall verify eligibility for federal <br />assisted housing at the point of initial purchase. Information maintained shall <br />include: tenant income level; name of family members; ethnic data; family type — <br />e.g. female head of household; disability status; and monthly rent. <br />d. Habitat shall maintain records verifying the affordability of the dwelling units. <br />4. Notices. Any Notice shall be in writing and shall be given by depositing the same in <br />the United States mail, post -paid and registered or certified, and addressed to the <br />party to be notified, with retum- receipt requested, or by delivering the same in person <br />to an officer or principal of such party. Notice deposited in the mail in the manner <br />here in above described shall be effective upon mailing. For purposes of Notice, the <br />addresses of the parties shall, unless changed as hereinafter provided, be as follows: <br />