Common use of County Audits Clause in Contracts

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower's annual audit, which is to include information on all of Borrower's activities and not just those pertaining to the Development. (b) In addition, the County may, at any time, audit all of Borrower's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the Development. Any such audit is to be conducted during normal business hours at the principal place of business of Borrower and wherever records are kept. Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) If it is determined as a result of an audit that there has been a deficiency in a loan repayment to the County then such deficiency will become immediately due and payable, with interest at the Default Rate from the date the deficient amount should have been paid. In addition, if the audit determines that Residual Receipts have been understated for any year by the greater of: (i) Two Thousand Five Hundred Dollars ($2,500); and (ii) an amount that exceeds five percent (5%) of the Residual Receipts, then, in addition to paying the deficiency with interest, Borrower shall pay all of the County's costs and expenses connected with the audit and review of Borrower's accounts and records.

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower▇▇▇▇▇▇▇▇'s annual audit, which is to include information on all of Borrower's activities and not just those pertaining to the Development. (b) In addition, the County may, at any time, audit all of Borrower's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the Development. Any such audit is to be conducted during normal business hours at the principal place of business of Borrower and wherever records are kept. Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) If it is determined as a result of an audit that there has been a deficiency in a loan repayment to the County then such deficiency will become immediately due and payable, with interest at the Default Rate from the date the deficient amount should have been paid. In addition, if the audit determines that Residual Receipts have been understated for any year by the greater of: (i) Two Thousand Five Hundred Dollars ($2,500); and (ii) an amount that exceeds five percent (5%) of the Residual Receipts, then, in addition to paying the deficiency deficienc y with interest, Borrower shall pay all of the County's costs and expenses connected with the audit and review of Borrower's accounts and records.

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower▇▇▇▇▇▇▇▇'s annual audit, which is to include information on all of Borrower's activities and not just those pertaining to the Development. (b) In addition, the County may, at any time, audit all of Borrower's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the Development. Any such audit is to be conducted during normal business hours upon reasonable notice of not less than 48 hours at the principal place of business of Borrower and wherever records are kept. Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) If it is determined as a result of an audit that there has been a deficiency in a loan repayment to the County then such deficiency will become immediately due and payable, with interest at the Default Rate from the date the deficient amount should have been paid. In addition, if the audit determines that Residual Receipts have been understated for any year by the greater of: (i) Two Thousand Five Hundred Dollars ($2,500); and (ii) an amount that exceeds five percent (5%) of the Residual Receipts, then, in addition to paying the deficiency with interest, Borrower shall pay all of the County's costs and expenses connected with the audit and review of Borrower's accounts and records.

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower▇▇▇▇▇▇▇▇'s annual audit, which is to include information on all of Borrower's activities activities, in addition the Borrower's general partners shall submit audited financial statements and not just those pertaining to the DevelopmentBorrower and the Borrower's general partners shall submit all other financial information reasonably requested by the County determined by the County as necessary for compliance with the requirements of 24 C.F.R. 504(d). Borrower shall also follow audit requirements of the Single Audit Act and OMB Circulars A-122 and 110. (b) In addition, the County may, or any designated agent or employee of the County at any timetime is entitled to audit the Residual Receipts of the Development, audit and all of Borrower's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the Developmentthereto. Any such Such audit is to be conducted during normal business hours at the principal place of business of Borrower and wherever other places where records are kept. Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) . If it is determined as a result of an such audit that there has been a deficiency in a loan repayment to the County County, then such deficiency will become immediately due and payable, payable with interest at the Default Rate from the date the deficient amount should have been paid. In addition, if the any audit conducted pursuant to this Section 4.5 determines that Residual Receipts have been understated for any fiscal year by the greater of: (i) Two Thousand Five Hundred Dollars ($2,500); and (ii) an amount that exceeds more than five percent (5%) of ), then the Residual Receipts, thenBorrower shall pay, in addition to paying the deficiency with interestamounts set forth above, Borrower shall pay all of the County's costs and expenses connected incurred by the County in connection with the audit and review of Borrower's accounts and or records.

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower's annual audit, which is to include information on all of Borrower's activities and not just those pertaining to the Development. Borrower shall also follow audit requirements of the Single Audit Act and OMB Circulars A-122 and 110 as set forth in 24 C.F.R. 547.605 and the additional audit requirements set forth in 24 C.F.R. 574.650. (b) In addition, the County may, at any time, audit all of Borrower's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the Development. Any such audit is to be conducted during normal business hours at the principal place of business of Borrower and wherever records are kept. Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) If it is determined as a result of an audit that there has been a deficiency in a loan repayment to the County then such deficiency will become immediately due and payable, with interest at the Default Rate from the date the deficient amount should have been paid. In addition, if the audit determines that Residual Receipts have been understated for any year by the greater of: (i) Two Thousand Five Hundred Dollars ($2,500); and (ii) an amount that exceeds five percent (5%) of the Residual Receipts, then, in addition to paying the deficiency with interest, Borrower shall pay all of the County's costs and expenses connected with the audit and review of Borrower's accounts and records.