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<br />a. In the event that the Owner is unable to proceed with any aspect of the Project in <br />a timely manner, and County and the Owner determine that reasonable <br />extension(s) for completion will not remedy the situation, then The Owner will <br />retain responsibility for requirements for the dwelling unit assisted and County <br />will make no further payments to the Owner. <br /> <br />b. 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 <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 HOME funds. Conveyance shall be at the sole <br />discretion of County and on a Project dwelling unit by Project dwelling unit basis. <br />Conveyance shall be on the terms set forth herein: <br /> <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 /> <br />ii. The Owner shall convey the Property to the County by general warranty deed, <br />free and clear of all liens and encumbrances of record except those which <br />create a beneficial interest in County (Declaration of Restrictive Covenants <br />and Deed of Trust). <br /> <br />5. 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 /> <br />6. Books and Records. The Owner shall maintain records of its grant requirements <br />under this contract for a period of not less than five (5) full fiscal years following the <br />contract completion date. <br /> <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 /> <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 />DocuSign Envelope ID: 1DB0D1D0-6B1C-4086-81CB-264D8410FEAB