Agmt17 HIP Housing Funds to Acquie 1512 Stafford

Browse Search

Contractor's performance or failure to perform under this Agreement. Contractor will, upon demand by City, pay City the full amount owing to City or to the United States Government as a result of any such audit exception. City will monitor Contractor's Project and expenditures made pursuant to this Agreement annually to verify Contractor's compliance with this Agreement and local and federal contract requirements, provided that City may monitor more frequently as City or HUD deems necessary. Contractor shall cooperate with City and provide all documents and information requested by City in a timely and accurate fashion. 10. RECORD RETENTION. Contractor shall retain all financial, supporting documents, statistical records, and all other records pertinent to the Agreement for a period of five (5) years from the end of the Loan Term. Notwithstanding the above, if there is litigation, claims, audits, negotiations or other actions that involve any of the records cited, and that have started before the expiration of the five-year period, then such records must be retained until completion of the actions and resolution of all issues, or the expiration of the five-year period, whichever occurs later. 11. ACCESS TO RECORDS. Contractor shall furnish and cause each of its own subrecipients and/or subcontractors to furnish all information and reports required hereunder and will permit access to its books, records and accounts by City, HUD, or its agent, or other authorized Federal officials for purposes of investigation to ascertain compliance with the rules, regulations and provisions stated herein. 12. TERMINATION. In the event Contractor is unable to materially fulfill its responsibilities under this Agreement for any reason whatsoever, including circumstances beyond its control, City may terminate this Agreement in whole or in part ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-171S Page 8 of 41