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<br /> <br />B. 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 />C. 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 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 />family members; ethnic data; family type – e.g. female head of household; <br />disability status; and monthly rent. <br /> <br />d. Owner shall maintain records verifying the affordability of the dwelling units. <br /> <br />D. 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 party <br />to be notified, with return-receipt requested, or by delivering the same in person to an <br />officer or principal of such party. Notice deposited in the mail in the manner here in <br />above described shall be effective upon mailing. For purposes of Notice, the addresses <br />of the parties shall, unless changed as hereinafter provided, be as follows: <br /> <br /> <br />a. To the County: Orange County <br />c/o Housing, Human Rights and Community Development <br />Department <br /> P.O. Box 8181 <br />DocuSign Envelope ID: 32CE5800-8AE6-4AEC-B93D-DCC116731946