Agenda - 01-18-2000 - 9f - Laserfiche WebLink

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DRt" r 9 OCHC will retain responsibility for HOME requirements for any HOME units assisted and County will make no further payments to OCHC. ii. In the event that OCHC, prior to the close of the final affordability period, is unable to continue to function due to, but, not limited to, closure or insolvency of the organization, filing a petition of bankruptcy or similar proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement as required by federal HOME regulations, then OCHC shall, upon the County's request, convey to the County the properties assisted with HOME funds and included in the CLT. Conveyance shall be at the sole discretion of County and on a property by property basis. Conveyance of properties shall be on the terms set forth herein: Conveyance of properties shall occur within thirty (30) days of County and OCHC's agreement of OCHC's inability to continue as a viable organization. OCHC shall convey the subject properties to City by statutory warranty deed, free and clear of all liens and encumbrances of record. b. Default, Remedies. This Agreement may be terminated by a non- defaulting party upon an event of default hereunder, after written notice thereof and thirty (30) days grace period in which the defaulting party may act to cure. As used herein, the term "an event of default" shall mean and refer to a failure or act of omission by either party with respect to any undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to any event of default, the non-defaulting party may exercise any right available to it at law or in equity with respect to such default. C. Books and Records.. OCHC shall maintain records of its HOME grant requirements. under this contract for a period of not less than five (5) full fiscal years following completion date of this contract as follows: OCHC shall ensure access to records and financial statements, as necessary, to provide effective monitoring and evaluation of project performance. Upon reasonable advance notice, County or its authorized representatives may from time to time inspect, audit, and make copies of any of OCHC's records that relate to this contract. If any audit by County discloses that payments to OCHC were in excess of the amount to which OCHC was entitled under this contract, OCHC shall promptly pay to County the amount of such excess. If the excess is greater than 1 % of the contract amount, OCHC shall also reimburse County its reasonable costs incurred in performing the audit. ii. OCHC shall maintain files of all Homebuyers, regardless of length of occupancy, residing in HOME assisted units. Documentation shall verify