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DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <br /> E. 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 /> Notwithstanding and in addition to the above, in accordance with 24 CFR 85. 43, this <br /> Agreement may be suspended or terminated by the County if the HOME Awardee <br /> materially fails to comply with any term of the Agreement. Remedies for breach of <br /> the provisions of this Agreement include but are not limited to repayment of any <br /> funds deemed to be expended in an ineligible manner. Repayment of HOME funds is <br /> required if the housing does not meet the affordability requirements for the HOME <br /> Affordability Period. <br /> F. Books and Records. The HOME Awardee shall maintain records of its grant <br /> requirements under this contract for a period of not less than five (5) full fiscal years <br /> following the contract completion date. <br /> 1.The HOME Awardee shall ensure access to records and financial statements, <br /> as necessary, to provide effective monitoring and evaluation of project <br /> performance. Additionally, the HOME Awardee shall submit a copy of its <br /> annual audit to the County. <br /> 2.Upon reasonable advance notice, County or its authorized representatives may <br /> from time to time inspect, audit, and make copies of any of the HOME <br /> Awardee's records that relate to this contract. If any audit by County discloses <br /> that payments to the HOME Awardee were in excess of the amount to which <br /> the HOME Awardee was entitled under this contract, the HOME Awardee <br /> shall promptly pay to County the amount of such excess. If the excess is <br /> greater than 1% of the contract amount, the HOME Awardee shall also <br /> reimburse County its reasonable costs incurred in performing the audit. <br /> 3.The HOME Awardee shall maintain files of all homebuyers, regardless of <br /> length of occupancy, residing in assisted units. Documentation shall verify <br /> eligibility for federal assisted housing at the point of initial purchase. <br /> Information maintained shall include: tenant income level; name of family <br /> members; ethnic data; family type (e. g., female head of household); disability <br /> status; and monthly rent. <br /> 4.The HOME Awardee shall maintain records verifying the affordability of the <br /> dwelling units. <br /> G. 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 return-receipt requested, or by delivering the same in person <br /> 8 <br />