Audit of Debtor Records Sample Clauses

Audit of Debtor Records. The Association shall have the right to audit the books and records of Debtor for any three (3) separate two (2) –month periods from the date of the first sale of a condominium within the project to the date of the implementation of the Management Council and the turnover of management of the project to the Management Company. Said audit shall relate to the income and expenditures relating to the entire Project’s operations (including expenditures of all dues paid by the members of the Association, expenditures of all dues paid by the members of the Account, etc.). Debtor agrees to release from the Existing Combined Reserve Account an amount not to exceed the sum of $10,000 to cover said audit. In the event there is any dispute as to the propriety of any expenditure or allocation, then the Management Council shall have the final authority to decide any such dispute. If any expenditure or allocation is found to be unauthorized or inappropriate, Debtor shall reimburse the appropriate account for such expenditure, or reallocate the funds, as appropriate.
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Related to Audit of Debtor Records

  • Contractor Records A. Maintenance Contractor shall maintain a file of all documents, records, communications, notes and other materials relating to the Work (the “Contractor Records”) performed by the Contractor and any Subcontractors, that are required to ensure proper performance of that Work. Contractor shall maintain Contractor Records until the last to occur of: (i) the date 3 years after the date this Participating Addendum expires or is terminated, (ii) final payment under this Participating Addendum is made, (iii) the resolution of any pending Contract matters, or (iv) if an audit is occurring, or Contractor has received notice that an audit is pending, the date such audit is completed and its findings have been resolved (the “Record Retention Period”).

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