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8 <br />and serve families with incomes not exceeding 80% of the area median <br />household income by family size, as determined by HUD at the time of the <br />transfer. <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 <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 />C. Books and Records. The Owner shall maintain records of its grant requirements <br />under this contract for a period of not less than five (5) full fiscal years following <br />the contract completion date. <br />1. The Owner shall ensure access to records and financial statements, as <br />necessary, to provide effective monitoring and evaluation of project <br />performance. Additionally, the Owner shall submit a copy of its annual <br />audit to the County. <br />2. Upon reasonable advance notice, County or its authorized representatives <br />may from time to time inspect, audit, and make copies of any of Owner’s <br />records that relate to this contract. If any audit by County discloses that <br />payments to the Owner were in excess of the amount to which the Owner <br />was entitled under this contract, Owner shall promptly pay to County the <br />amount of such excess. If the excess is greater than 1% of the contract <br />amount, Owner shall also reimburse County its reasonable costs incurred in <br />performing the audit. <br />3. The Owner shall maintain files of all tenants, regardless of length of <br />occupancy, residing in assisted units. Documentation shall verify eligibility <br />for federal assisted housing at the point of initial tenancy and every <br />subsequent year thereafter for the period of affordability. Information <br />maintained shall include: tenant income level; name of family members; <br />ethnic data; family type - e.g. female head of household; disability status; <br />and monthly rent. <br />4. The Owner shall maintain records verifying the affordability of the dwelling <br />units. <br />D. Notices. Any notice shall be in writing and shall be given by depositing the same <br />in 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 <br />person to an officer or principal of such party. Notice deposited in the mail in the <br />manner here in above described shall be effective upon mailing. For purposes of <br />Notice, the addresses of the parties shall, unless changed as hereinafter provided, <br />be as follows: <br />DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A