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12 <br />the County's request, convey to the County the properties assisted with funds. <br />Conveyance shall be at the sole discretion of County and on a dwelling unit by <br />dwelling unit basis. <br />Conveyance of properties shall be on the terms set forth herein: <br />Conveyance of properties shall occur within thirty (30) days of County and Habitat's <br />agreement of Habitat's inability to continue as a viable organization. Habitat shall <br />convey the subject properties to County by general warranty deed, free and clear of <br />all liens and encumbrances of record except those which create a beneficial interest in <br />County (Declaration of Restrictive Covenants and Deed of Trust). <br />b. Default, Remedies. This Agreement may be terminated by anon-defaulting <br />party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br />period in which the defaulting party may act to cure. As used herein, the term "an event of <br />default" shall mean and refer to a failure or act of omission by either party with respect to any <br />undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to <br />any event of default, the non-defaulting party may exercise any right available to it at law or in <br />equity with respect to such default. <br />c. Banks and Records. Habitat shall maintain records of its grant requirements <br />under this contract for a period of not less than five (5) full fiscal years following the contract <br />completion date. <br />i. Habitat shall ensure access to records and financial statements, as necessary, to <br />provide effective monitoring and evaluation of project performance. Upon reasonable <br />advance notice, County or its authorized representatives may from time to time inspect, <br />audit, and make copies of any of Habitat's records that relate to this contract. If any audit <br />by County discloses that payments to Habitat were in excess of the amount to which <br />Habitat was entitled under this contract, Habitat shall promptly pay to County the amount <br />of such excess. If the excess is greater than 1% of the contract amount, Habitat shall also <br />reimburse County its reasonable costs incurred in performing the audit. <br />ii. Habitat shall maintain files of all buyers, regardless of length of occupancy, <br />residing in assisted units. Documentation shall verify eligibility for federal assisted <br />housing, at the point of initial closing on the unit, and every subsequent buyer thereafter <br />for the period of affordability. Information maintained shall include buyer income level, <br />ethnic data, female head of household, and disability status and Property and <br />Improvement purchase price. <br />iii. Habitat shall maintain records verifying the affordability of the assisted 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 party to be <br />notified, with return-receipt requested, or by delivering the same in person to an officer or <br />principal of such party. Notice deposited in the mail in the manner here in above described shall <br />