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04/08/2013 Uniform Requirements for Grants and Other Agreements, as amended, and generally accepted auditing standards covering financial and compliance audits. Annual audits will be submitted to City with the final 4th quarter progress report referred to in Paragraph 6. 8. CITY AUDIT; MONITORING. City may audit the records and accounts of Contractor for the purpose of verifying expenditures by Contractor of funds provided by City pursuant to this Agreement or verifying statements or analyses made or provided by Contractor under this Agreement. Contractor will promptly respond to, and comply with, any audit exception made or taken by City or appropriate federal agencies relating to Contractor's performance or failure to perform under this Agreement. Contractor will, upon demand by City, pay City the full amount owing to City or to the United States Government as a result of any such audit exception. City will monitor Contractor's Project and expenditures made pursuant to this Agreement quarterly to verify Contractor's compliance with this Agreement and local and federal contract requirements. Contractor shall cooperate with City and provide all documents and information requested by City in a timely and accurate fashion. 9. RECORD RETENTION. Contractor shall retain all financial, supporting documents, statistical records, and all other records pertinent to the Agreement for a period of five (5) years from the termination date of the HOME period of affordability described in Exhibit "A" of this Agreement. Notwithstanding the above, if there is litigation, claims, audits, negotiations or other actions that involve any of the records cited, and that have started before the expiration of the five-year period, then such records must be retained until completion of the actions and resolution of all issues, or the expiration of the five-year period, whichever occurs later. ATTY/AGR/2013.043/KAINOS-1033 REDWOOD AVE REV:03-28-13 VR Page 5 of 34 RESO.#15256 MUFF#304