Agmt02 CDBG Center Independence - Laserfiche WebLink

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Requirements for Grants and Other Agreements and generally accepted auditing standards covering financial and compliance audits. Annual audits will be forwarded to City within 30 days of completion. 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 expenditure (less offsetting income in accordance with paragraph 4) 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: (a) Federal Community Development Block Grant funds cease, for any reason, to be available to City; or (b) City has determined that the funds provided hereunder have been, or are being, used for purposes other than those described in Exhibits A & B; or 10/8/02 4