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Failure to provide any of the documentation and reporting will cause City to withhold all or <br />a portion of a request for reimbursement or return the entire reimbursement package to <br />Subrecipient until such documentation and reporting has been received and approved by the <br />City. <br />8. Revenue Disclosure Requirement. Subrecipient shall make available all books <br />and records pertaining to each project or business activity that is funded by CDBG Funds under <br />this MOU for inspection and audit by HUD's representatives, upon request, at any time during <br />the term of this MOU and during a period of 5 years thereafter. All such books and records shall <br />be maintained by Subrecipient at a location in Orange County. Failure of Subrecipient to comply <br />with the requirements of this section shall constitute a material breach for which City may <br />terminate or suspend this MOU. <br />9. Audit Report Requirements. Subrecipient agrees that if Subrecipient receives Five <br />Hundred Thousand Dollars ($500,000.00) or more in federal funds, Subrecipient shall have an <br />annual audit conducted by a certified public accountant in accordance with the standards as set <br />forth and published by the United States Office of Management and Budget. Subrecipient shall <br />provide City with a copy of said audit by October 1 of the year following the program year in <br />which this Agreement is executed. <br />10. Termination. This Agreement may be terminated in the following manner for the <br />following reasons: (a) on thirty (30) days' written notice by either party; (b) upon five (5) days' <br />written notice for violation of Federal Laws governing the use of CDBG Funds by Subrecipient; <br />(c) terminated for convenience in accordance with 24 CFR 85.44; and (d) terminated due to the <br />non-performance of Subrecipient and/or failure of Subrecipent to perform the work described in <br />Exhibits A and B or failure to meet the performance standards and program goals set forth therein. <br />In the event of any such termination, Subrecipient shall only be entitled to reimbursement for <br />approved expenses incurred to the effective date of termination and any and all funds not used <br />must be returned to City per the paragraph below. <br />11. Reversion of Assets. Upon the expiration of this Agreement, Subrecipient shall <br />transfer to City any CDBG funds on hand at the time of the expiration of this Agreement as well as <br />any accounts receivable attributable to the use of CDBG funds. [24 CFR 570.503(b)(8).J <br />Disposition of real property or equipment shall be resolved pursuant to City guidelines. <br />Subrecipient's obligations and responsibilities set forth in this paragraph and in the <br />"Termination" clause and other requirements pertaining to program income shall not be affected <br />by the termination of this Agreement and shall survive the date of termination of this Agreement <br />for such period of time as City and/or HUD deems necessary for the responsibilities, duties and <br />obligations to be performed and completed to the satisfaction of City and HUD. <br />4 <br />