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<br />Contractor shall be responsible for, and hold City harmless from, any failure to <br /> <br />adhere to such standards. <br /> <br />Contractor shall verify that all activities funded <br /> <br />hereunder benefit only residents within City's corporate limits. <br /> <br />6. Annual Report. Contractor shall submit a narrative report to City <br /> <br />annually describing the activities funded under this agreement. Said report shall <br /> <br />include the total number of direct beneficiaries with demographic information <br /> <br />regarding income, household composition, ethnicity, age, and other data as <br /> <br />required by City or the United States Department of Housing and Urban <br /> <br />Development and shall be submitted on forms provided by City's Housing <br /> <br />Coordinator. <br /> <br />7. Financial Statement/Analysis; Monthly Reports; Audit. Contractor <br /> <br />shall make available to City, or the public, upon request, a financial statement <br /> <br />and analysis setting forth in detail the manner in which, and the specific <br /> <br />purposes for which, the funds paid hereunder were expended to the date of such <br /> <br />accounting. In addition to the foregoing, and in any event, Contractor shall <br /> <br />submit to City no later than July 15, 1998, a detailed financial statement and <br /> <br />analysis setting forth the foregoing information. Said statement and analysis <br /> <br />may be combined with the annual narrative report submitted pursuant to <br /> <br />paragraph 6. <br /> <br />Contractor shall submit monthly to City's Housing Coordinator a Program <br /> <br />analysis and progress report documenting Contractor's success in meeting the <br /> <br />Program objectives referenced in paragraph 2. <br /> <br />The final report shall be <br /> <br />submitted no later than July 15, 1998. If Contractor shall fail to submit such <br /> <br />Agreement-2 <br />4/27/98 <br /> <br />3 <br />