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Contractor receiving funding in excess of $300,000 shall provide City with an <br />independent audit of its activities for the term of this Agreement, conducted in <br />accordance with the Single Audit Act of 1984, OMB Circular A-Il0 Uniform <br />Requirements for Grants and Other Agreements and generally accepted auditing <br />standards covering financial and compliance audits. Annual audits shall be forwarded to <br />City within 30 days of completion. <br /> <br /> 8. Termination. Either party may terrr, lnate this Agreement without cause at <br />any time during the term hereof by giving the other party not less than thirty (30) days <br />prior written notice of such termination. In the event of such termination, Contractor <br />shall submit a final invoice for any unreimbursed expenditures (less offsetting income in <br />accordance with paragraph 4) incurred to the date of termination. Contractor shall <br />submit to City a final report of activities funded hereunder within thirty (30) days from <br />the date of termination. <br /> <br /> Notwithstanding the foregoing, City may temfinate this Agreement upon the <br />occurrence of either of the following: <br /> <br /> (a)Federal Community Development Block Grant funds cease, for <br /> <br /> any reason, to be available to City; or <br /> <br /> (b) City has determined that the funds provided hereunder have been, <br /> <br /> or are being, used for purposes other than those described in Exhibits A <br /> and B. <br /> <br /> In either of the foregoing circumstances, City shall give Contractor not less than <br />five (5) days prior written notice of tet-srfination. <br /> <br />10/15/99 4 <br /> <br /> <br />