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7 <br /> <br />responsibility for requirements for any dwelling units assisted and County will <br />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 agreement, <br />then the Owner shall, upon the County’s request, convey to the County the Property <br />assisted with Land Banking funds. Conveyance shall be at the sole discretion of <br />County and on a Project dwelling unit by Project dwelling unit basis. <br /> <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 Owner <br />shall convey the Property to the County by general warranty deed, free and clear of <br />all liens and encumbrances of record except those which create a beneficial interest <br />in County (Declaration of Restrictive Covenants and Deed of Trust). <br /> <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 party <br />with respect to any undertaking, obligation, covenant or condition as set forth in this <br />Agreement. With respect to any event of default, the non-defaulting party may exercise <br />any right available to it at law or in equity with respect to such default. <br /> <br />3. Books and Records. The Owner shall maintain records of its loan requirements under <br />this contract for a period of not less than the completion of the affordability periods for <br />all Project dwelling units. <br /> <br />a. The Owner shall ensure access to records and financial statements, as necessary, to <br />provide effective monitoring and evaluation of project performance. Additionally, <br />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 from <br />time to time inspect, audit, and make copies of any of the Owner records that relate <br />to this contract. If any audit by County discloses that payments to the Owner were <br />in excess of the amount to which the Owner was entitled under this contract, the <br />Owner shall promptly pay to County the amount of such excess. If the excess is <br />greater than 1% of the contract amount, the Owner shall also reimburse County its <br />reasonable costs incurred in performing the audit. <br /> <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 assisted <br />housing at the point of initial tenancy and every subsequent year thereafter for the <br />period of affordability. Information maintained shall include: tenant income level; <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697