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If Contractor receives funding in excess of Five Hundred Thousand Dollars <br /> ($500,000) from all sources during the subject Fiscal Year, Contractor will provide City <br /> with an independent audit of its activities for the term of this Agreement, conducted in <br /> accordance with the Single Audit Act of 1984, as amended, OMB Circular A-110 <br /> Uniform Requirements for Grants and Other Agreements, as amended, and generally <br /> accepted auditing standards covering financial and compliance audits. Annual audits <br /> will be submitted to City with the final 4th quarter progress report referred to in <br /> 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, suppo�ting <br /> documents, statistical records, and all other records pertinent to the Agreement for a <br /> period of five (5) years from the termination date of this Agreement. Nofinrithstanding the <br /> above, if there is litigation, claims, audits, negotiations or other actions that involve any <br /> ATTY/AGR/2013.022/FUNDING AGR FOR WILLOW ROAD APARTMENTS REHABILITATION PROJECT <br /> REV:02-15-13 VR <br /> Page 5 of 35 <br />