Orange County NC Website
Browse       Search
4892-4116-9314, v. 6 <br />IX. MISCELLANEOUS PROVISIONS <br /> <br />A. Termination of Agreement. The full benefit of the Project will be realized only after <br />the completion of the affordability periods for all Project dwelling units on the <br />Property. It is the County's intention that the full public benefit of the Project shall be <br />completed under the auspices of the Owner as follows: <br /> <br />1. In the event that the Owner is unable to proceed with any aspect of construction of <br />the Project in a timely manner, and County and the Owner determine that <br />reasonable extension(s) for construction completion will not remedy the situation, <br />then the Owner will retain responsibility for requirements for the Property and <br />County will make no further payments to the Owner. <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. Notwithstanding <br />the foregoing, the County shall have no right or remedy without giving Owner and its <br />members 90 days written notice and an opportunity to cure, or such longer period so <br />long as such cure is commenced during the 90 day period and diligently pursued to <br />completion. Any cure offered by a member of the Owner shall be accepted or rejected <br />as if tendered by Owner. <br /> <br />C. Books and Records. Community Housing Partners shall cause the Owner shall <br />maintain records of its grant requirements under this contract for a period of not less <br />than the completion of the affordability 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 locally assisted housing <br />at the point of initial tenancy and every subsequent year thereafter for the period of <br />affordability. Information maintained shall include information maintained shall <br />DocuSign Envelope ID: 6723EB43-5934-4E1A-A173-E46F70EADEBB