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<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 Project funds. Conveyance shall be at the sole discretion of County <br />and on a Project dwelling unit by Project dwelling unit basis as set forth below: <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. Owner shall convey the Property to the County by general warranty deed, free <br />and clear of all liens and encumbrances of record except those which create a <br />beneficial interest in County (Declaration of Restrictive Covenants). <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 <br />party with respect to any undertaking, obligation, covenant or condition as set forth <br />in this Agreement. With respect to any event of default, the non-defaulting party <br />may exercise 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 <br />under this contract for a period of not less than the completion of the affordability <br />periods for all Project dwelling units. <br /> <br />a. The Owner shall ensure the County access to records and financial statements, as <br />necessary, 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 from <br />time to time inspect, audit, and make copies of any of Owner records that relate to <br />this contract. If any audit by County discloses that payments to Owner were in <br />excess of the amount to which Owner was entitled under this contract, Owner shall <br />promptly pay to County the amount of such excess. If the excess is greater than 1% <br />of the contract amount, Owner shall also reimburse County its reasonable costs <br />incurred in performing the audit. <br /> <br />c. Owner shall maintain files of all tenants, regardless of length of occupancy, residing <br />in assisted units. Documentation shall verify eligibility for federal assisted housing <br />at the point of initial tenancy and every subsequent year thereafter for the Period of <br />Affordability. Information maintained shall include: tenant income level; name of <br />DocuSign Envelope ID: D9F5DB48-6B35-4950-A760-8532DDEBD76E