Common use of Books and Records; Right to Audit Clause in Contracts

Books and Records; Right to Audit. Developer shall keep, or cause to be kept, accurate, full and complete books of account on a calendar year basis showing assets, liabilities, income, operations, transactions and the financial condition of Developer for the design and construction of the Affordable Housing Units and the Site Work. The books, accounts, and records of Developer for the Affordable Housing Units and the Site Work shall be at all times maintained at Developer’s principal office and shall at all reasonable times and upon prior reasonable notice be accessible to the FCRHA at such office. Developer shall maintain the books and records for a period of three (3) years after expiration or termination of this Agreement. Upon ten (10) days’ prior notice to Developer, the FCRHA may, at its option and at its own expense, conduct audits of the books, records, and accounts of Developer related to the Affordable Housing Units and the Site Work, but not more than two times per calendar year. Developer shall provide the FCRHA’s appraisers, accountants, and advisors with access to all of its information related to the design, development, and construction of the Affordable Housing Units and the Site Work. The FCRHA shall promptly reimburse Developer for any costs, including costs it must expend for consultants (e.g. accountants) to accommodate such audits or inspections by or at the request of the FCRHA under this Section. Developer shall cause its architect(s), General Contractor, and Major Subcontractors under their respective Affordable Housing Units and Site Work contracts to make their books and records with respect to the Affordable Housing Units and Site Work available to the FCRHA and the FCRHA’s third party representatives (if any), for their review in a manner consistent with this Section.