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<br />3 <br /> <br /> <br />year terms. Notwithstanding the foregoing, the Project completion date shall not exceed <br />fifteen (15) years from the effective date of this Agreement. <br /> <br />CHT shall complete and submit its list of all needed deferred maintenance and applicable <br />operating and capital reserve items for 2019, 2020 and 2021 by December 31, 2019. CHT <br />shall complete and submit its first annual report and updated financials by January 31, <br />2021. Thereafter, in the event this Agreement is renewed, CHT shall complete and submit <br />its annual report and updated financials, together with a list of all needed and/or <br />anticipated deferred maintenance and applicable operating and capital reserve items at the <br />Property by January 31 of each year during which this Agreement and/or any renewal <br />thereof is effective. <br /> <br /> <br />In addition, CHT agrees to furnish to the County a copy of its annual audit performed by <br />a certified public accountant within 120 days of the end of each fiscal year during which <br />this Agreement and/or any renewal thereof is effective. <br /> <br /> <br />In the event that CHT is unable to proceed with any aspect of the project in a timely <br />manner, and County and CHT determine that reasonable extension(s) for completion will <br />not remedy the situation, then the Termination of Agreement provisions of this Agreement <br />shall pertain. CHT may, at its option, submit a written request for a delay of completion <br />for County approval. The County may, at its option, approve any delay in the completion <br />date or declare CHT in default. <br /> <br />CHT shall monitor each dwelling unit for affordability for the period of affordability – <br />ninety-nine (99) years in accordance with the Declaration of Restrictive Covenants <br />recorded in Book 5154 at Page 175, Orange County Registry and assumed by CHT in <br />Deed Book 6408, Page 572, Orange County Registry. <br /> <br /> <br />8. MISCELLANEOUS PROVISIONS <br /> <br />A. Termination of Agreement. In the event of any of the circumstances set forth below <br />(hereinafter referred to as “default”), the County may immediately terminate this Agreement, <br />in whole or in part, and from time to time. Notice of termination must be in writing, state the <br />reason or reasons for the termination, and specify the effective date of the termination. Default <br />includes any of the following: <br /> <br />i. In the event that CHT shall cease to exist as an organization or shall enter bankruptcy <br />proceedings, be declared insolvent, or liquidate all or substantially all of its assets, or <br />significantly reduce its services or accessibility to Orange County residents during the <br />term of this Agreement; or <br /> <br />ii. In the event that CHT shall fail to comply with the reporting requirements as provided <br />section 7 above, the County may terminate this Agreement and CHT shall return all <br />payments already made to it by the County for grants funds which have not been used as <br />DocuSign Envelope ID: F9614B21-556E-42D5-A5C1-2B3EF7E3AB01