PARKS, RECREATION & COMMUNITY SERVICES AGENCY (CDBG) (2)

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8. Revenue Disclosure Requirement. Subrecipient shall make available all books and records pertaining to each project or business activity that is funded by CDBG Funds under this MOU for inspection and audit by HUD's representatives, upon request, at anv time during the term of this MOU and during a period of 5 years thereafter. All such books and records shall be maintained by Subrecipient at a location in Orange County. Failure of Subrecipient to comply with the requirements of this section shall constitute a material breach for which City may terminate or suspend this MOU. 9. Audit Report Requirements. Subrecipient agrees that if Subrecipient receives Three Hundred Thousand Dollars ($300,000.00) or more in federal funds, Subrecipient shall have an annual audit conducted by a certified public accountant in accordance with the standards as set forth and published by the United States Office of Management and Budget. Subrecipient shall provide City with a copy of said audit by October 1 of the year following the program year in which this Agreement is executed. 10. Termination. This Agreement may be terminated in the following manner for the following reasons: (a) on thirty (30) days' written notice by either party; (b) upon five (5) days' written notice for violation of Federal Laws governing the use of CDBG Funds by Subrecipient; (c) terminated for convenience in accordance with 24 CFR 85.44; and (d) terminated due to the non-performance of Subrecipient and/or failure of Subrecipent to perform the work described in Exhibits A and B or failure to meet the performance standards and program goals set forth therein. In the event of any such termination, Subrecipient shall only be entitled to reimbursement for approved expenses incurred to the effective date of termination and any and all funds not used must be returned to City per the paragraph below. It. Reversion of Assets. Upon the expiration of this Agreement, Subrecipient shall transfer to City any CDBG funds on hand at the time of the expiration of this Agreement as well as any accounts receivable attributable to the use of CDBG funds. [24 CFR 570.503(b)(8).] Disposition of real property or equipment shall be resolved pursuant to City guidelines. Subrecipient's obligations and responsibilities set forth in this paragraph and in the "Termination" clause and other requirements pertaining to program income shall not be affected by the termination of this Agreement and shall survive the date of termination of this Agreement for such period of time as City and/or HUD deems necessary for the responsibilities, duties and obligations to be performed and completed to the satisfaction of City and HUD. 12. Exhibits. All documents referenced as exhibits in this MOU are hereby incorporated in this MOU, including Exhibits A, A-1, B, B-1 and C. 13. Entire Agreement. This MOU, and all other documents incorporated herein by specific reference, represent the entire and integrated agreement between City and Subrecipient. This MOU supersedes all prior oral or written negotiations, representations or agreements. This MOU may not be amended, nor any provision or breach hereof waived, except in a writing signed by the parties that expressly refers to this MOU.