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harmless from, any failure to adhere to such standards. Contractor will verify that all <br /> activities funded hereunder benefit only residents within City's corporate limits. <br /> 6. ANNUAL REPORT. No later than July 15, 2011, Contractor will submit a <br /> narrative report (the "Report") to City describing the activities funded under this <br /> Agreement. The Report will include the total number of direct beneficiaries of the <br /> Project with demographic information regarding income, household composition, <br /> ethnicity, age and other data as required by City or the United States Department of <br /> Housing and Urban Development and will be submitted on forms provided by City's <br /> Housing Division. <br /> 7. FINANCIAL STATEMENT /ANALYSIS; QUARTERLY REPORTS; <br /> INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon <br /> request, a financial statement and analysis (the "Accounting ") setting forth in detail the <br /> manner in which, and the specific purposes for which, the funds paid by Contractor <br /> pursuant to this Agreement were expended to the date of such Accounting. In addition <br /> to the foregoing, Contractor will submit to City no later than the end of the Fiscal Year, <br /> and upon reasonable written request by the Housing Coordinator, a copy of the <br /> Contractor's Financial Statement and /or Accounting. The Accounting will be submitted <br /> with the Report referred to in Paragraph 6. <br /> Contractor will submit a quarterly payment request and beneficiary report <br /> documenting Contractor's success in meeting the Project objectives referenced in <br /> Paragraph 2. The final Reports will be submitted no later than the end of the Fiscal <br /> Year. If Contractor fails to submit such quarterly Reports on a timely basis, City may <br /> withhold payment of funds hereunder until all such delinquent reports have been <br /> submitted. <br /> If Contractor receives funding in excess of Five Hundred Thousand and No /100 <br /> Dollars ($500,000) from all sources during the subject Fiscal Year, Contractor will <br /> provide City with an independent audit of its activities for the term of this Agreement, <br /> ATTY /AGR/2010.073 <br /> 073010 3 <br />