Common use of County Audits Clause in Contracts

County Audits. (a) Each year, Borrower shall provide the County with a copy of ▇▇▇▇▇▇▇▇'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. (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) $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) Developer shall provide any information reasonably requested by the County in connection with the Housing Improvements. (b) Each year, Borrower Developer shall provide the County with a copy of ▇▇▇▇▇▇▇▇Developer's annual audit, which is to include information on all of BorrowerDeveloper'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 110Housing Improvements. (bc) In addition, the County may, at any time, audit all of BorrowerDeveloper's books, records, and accounts pertaining to the Development including but not limited to the Residual Receipts of the DevelopmentHousing Improvements. Any such audit is to be conducted during normal business hours at the principal place of business of Borrower Developer 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 BorrowerDeveloper. (cd) 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 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 Developer shall pay all of the County's costs and expenses connected with the audit and review of BorrowerDeveloper's accounts and records.