Agenda - 05-01-2001-8k - Laserfiche WebLink

Browse Search

9 ii. In the event that EmPOWERment, prior to the contract completion date, is unable to continue to function due to, but, not limited to, dissolution or insolvency of the organization, its ding a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement, then EmPOWERment shall, upon .the County's request, convey to the County the properties assisted with funds. Conveyance shall be at the sole discretion of County and on a dwelling unit by dwelling unit basis. Conveyance of properties shall be on the terms set forth herein: Conveyance of properties shall occur within thirty (30) days of County and EmPOWERment's agreement of EmPOWERment's inability to continue as a viable organization. EmPOWERment shall convey the subject properties to the County by general warranty deed, free and clear of all Iiens and encumbrances of record except those which create a beneficial interest in County (Declaration of Restrictive Covenants and Deed of Trust). b. Default, Remedies. This Agreement may be terminated by anon-defaulting party upon an event of default hereunder, after written notice thereof and thirty (30) days grace period in which the defaulting party may act to cure. As used herein, the term "an event of default" shall mean and refer to a failure or act of omission by either party with respect to any undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to any event of default, the non-defaulting party may exercise any right available to it at law or in equity with respect to such default. c. Books and Records. EmPOWERment shall maintain records of its grant requirements under this contract for a period of not less than five (5) full fiscal years following the contract completion date. i. EmPOWERment shall ensure access to records and financial statements, as necessary, to provide effective monitoring and evaluation of project performance. Additionally, EmPOWERment shall submit a copy of its annual audit to the County. Upon reasonable advance notice, County or its authorized representatives may from time to time inspect, audit, and make copies of any of EmPOWERment's records that relate to this contract. If any audit by County discloses that payments to EmPOWERment were in excess of the amount to which EmPOWERment was entitled under this contract, EmPOWERment shall promptly pay to County the amount of such excess. If the excess is greater than 1 °Io of the cantract amount, EmPOWERrnent shall also reimburse County its reasonable costs incurred in performing the audit. ii. EmPOWERment shall maintain files of all tenants, regardless of length of occupancy, residing in assisted units. Documentation shall verify eligibility for federal assisted housing at the point of initial tenancy and every subsequent year thereafter for the period of affordability. Information maintained shall include: