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conducted in accordance with the Single Audit Act of 1984, as amended, OMB Circular <br /> A -110 Uniform Requirements for Grants and Other Agreements, as amended, and <br /> generally accepted auditing standards covering financial and compliance audits. <br /> Annual audits will be submitted to City with the Report referred to in Paragraph 6. <br /> 8. CITY AUDIT; MONITORING. City may audit the records and accounts of <br /> Contractor for the purpose of verifying expenditures by Contractor of funds provided by <br /> City pursuant to this Agreement or verifying statements or analyses made or provided <br /> by Contractor under this Agreement. Contractor will promptly respond to, and comply <br /> with, any audit exception made or taken by City or appropriate federal agencies relating <br /> to Contractor's performance or failure to perform under this Agreement. Contractor will, <br /> upon demand by City, pay City the full amount owing to City or to the United States <br /> Government as a result of any such audit exception. <br /> City will monitor Contractor's Project and expenditures made pursuant to this <br /> Agreement quarterly to verify Contractor's compliance with this Agreement and local <br /> and federal contract requirements. Contractor shall cooperate with City and provide all <br /> documents and information requested by City in a timely and accurate fashion. <br /> 9. RECORD RETENTION: Contractor shall retain all financial, supporting <br /> documents, statistical records, and all other records pertinent to the Agreement for a <br /> period of four (4) years. The retention period begins on the date of the submission of <br /> the City's Comprehensive Annual Performance & Evaluation Report (CAPER) to HUD <br /> in which the activities assisted under the Agreement are reported on for the final time. <br /> Notwithstanding the above, if there is litigation, claims, audits, negotiations or other <br /> actions that involve any of the records cited, and that have started before the expiration <br /> of the four -year period, then such records must be retained until completion of the <br /> actions and resolution of all issues, or the expiration of the four year period, whichever <br /> occurs later. <br /> ATTY /AG R/2010.073 <br /> 073010 4 <br />