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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 will submit to City no later than July 30, 2003, a copy of the agency or Program's financial statement. Said statement will be submitted with the end of the year annual report pursuant to Paragraph 6. Contractor will provide City with a copy of its most recent independent audit 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. Audit will be submitted to the City with the end of the year annual report pursuant to Paragraph 6. 8. CITY AUDIT; MONITORING. City may audit the records and accounts of Contractor for the purpose of verifying expenditures by Contractor of funds provided hereunder or verifying statements or analyses made or provided by Contractor hereunder. Contractor will respond to, and comply with, any audit exception made or taken by City relating to Contractor's performance or failure to perform hereunder. Contractor will pay City the full amount owing to City as a result of any such audit exception. City will monitor Contractor's Program and expenditures made pursuant to this Agreement quarterly to verify Contractor's compliance with this Agreement and local contract requirements. 9. .TERMINATION. Either party may terminate this Agreement without cause at any time during the term hereof by giving the other party not less than thirty (30) days' prior written notice of such termination. In the event of such termination, Contractor will submit a final invoice for any expenditures incurred to the date of termination. Contractor will submit to City a final report of activities funded hereunder within thirty (30) days from the date of termination. Notwithstanding the foregoing, City may terminate this Agreement, by giving Contractor not less than five (5) days' prior written notice, upon the occurrence of any of the following: 3