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.. FXS:mge ~v/Ol/95 (002/75) 7. FINANCIAL STATEMENT/ANALYSIS; MONTHLY REPORTS; AUDIT. Contractor shall make available to City, or the public, upon request, a financial statement and analysis setting forth in detail the manner in which, and the specific purposes for which, the funds paid hereunder were expended to the date of such accounting. In addition to the foregoing, and in any event, Contractor shall submit to City no later than July 15, 1996, a detailed financial statement and analysis setting forth the foregoing information. Said statement and analysis may be combined with the annual narrative report submitted pursuant to paragraph 6. Contractor shall submit monthly to City's Housing Coordinator a Program analysis and progress report documenting Contractor's success in meeting the Program objectives referenced in paragraph 2. The final report shall be submitted no later later than July 15, 1996. If Contractor shall fail to submit such monthly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been submitted. Contractor shall provide City with an independent audit of its activities for the term of this agreement, conducted in accordance with the Single Audit Act of 1984, OMB Circular A-110 Uniform Requirements for Grant and Other Agreement and generally accepted auditing standards covering financial and compliance audits. Annual audits shall be forwarded to City within 30 days of completion. 8. TERMINATION. Either party may terminate this agreement without cause at any time during the term hereof by giving the 3 --., >