Common use of County Audits Clause in Contracts

County Audits. The receipt by the County Staff of Annual Audited Financial Statements pursuant to subsection 2.05(b)(2)(ii)(B) above or acceptance by the County Staff of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements or such payment. Within five (5) years after the receipt of any such Annual Audited Financial Statements, the County Staff or any designated agent or employee of the County Staff at any time and upon forty-eight (48) hours advance notice shall be entitled to audit the Residual Receipts calculation and all books, records, and accounts pertaining thereto. Such audit shall be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. If it is determined as a result of such audit that there has been a deficiency in an Annual Payment to the County Board, then such deficiency shall become immediately due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment should have been made. In addition, if the Annual Audited Financial Statements for any calendar year shall be found to have understated Residual Receipts by more than ten percent (10%) and by at least Five Thousand Dollars ($5,000), then Borrower shall pay, in addition to the interest charges referenced hereinabove, all of the County Staff’s reasonable out of pocket costs and expenses connected with any audit or review of Borrower’s accounts and records.

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower's annual audited financial statements, which is to include information on all of Borrower's activities, in addition the Borrower's general partners shall submit audited financial statements and the Borrower and the Borrower's general partners shall submit all other financial information pertaining to the Development as is 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 Uniform Grant Guidance (UGG) 2 C.F.R. Part 200. (b) The receipt by the County Staff of Annual Audited Financial Statements any statement pursuant to subsection 2.05(b)(2)(ii)(B(a) above or any payment by the Borrower or acceptance by the County Staff of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements statement or such payment. Within five In addition, within three (53) years after the receipt of any such Annual Audited Financial Statements, statement the County Staff or any designated agent or employee of the County Staff at any time and time, upon forty-eight three (483) hours advance notice shall be business days' prior written notice, is entitled to audit the Residual Receipts calculation of the Development, and all of Borrower's books, records, and accounts pertaining theretoto the Development, excluding any privileged or confidential materials. Such audit shall is to be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. Immediately after the draft completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. If it is determined as a result of such audit that there has been a deficiency in an Annual Payment a loan repayment to the County BoardCounty, then such deficiency shall will become immediately due and payable with interest at the Default Rate, determined as of and accruing Rate from the date that said payment the deficient amount should have been madepaid. In addition, if the Annual Audited Financial Statements any audit conducted pursuant to this Section 4.6 determines that Residual Receipts have been understated for any calendar fiscal year shall be found to have understated Residual Receipts by more than ten five percent (105%) and by at least Five Thousand Dollars ($5,000)the County is entitled to any additional County Loan repayment as a result of said understatement, then the Borrower shall pay, in addition to the interest charges referenced hereinaboveamounts set forth above, all of the County Staff’s reasonable out of pocket costs and expenses connected incurred by the County in connection with any the audit or and review of Borrower’s Xxxxxxxx's accounts and or records.. In addition, upon the occurrence of an uncured Event of Default, the County or any designated agent or employee of the County at any time, upon three

County Audits. (a) Each year, Borrower shall provide the County with a copy of Borrower's annual audited financial statements, which is to include information on all of Borrower's activities, in addition the Borrower's general partners shall submit audited financial statements and the Borrower and the Borrower's general partners shall submit all other financial information pertaining to the Development as is 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 Uniform Grant Guidance (UGG) 2 C.F.R. Part 200. (b) The receipt by the County Staff of Annual Audited Financial Statements any statement pursuant to subsection 2.05(b)(2)(ii)(B(a) above or any payment by the Borrower or acceptance by the County Staff of any loan repayment for any period shall not bind the County Board as to the correctness of such Annual Audited Financial Statements statement or such payment. Within five In addition, within three (53) years after the receipt of any such Annual Audited Financial Statements, statement the County Staff or any designated agent or employee of the County Staff at any time and time, upon forty-eight three (483) hours advance notice shall be business days' prior written notice, is entitled to audit the Residual Receipts calculation of the Development, and all of Borrower's books, records, and accounts pertaining theretoto the Development, excluding any privileged or confidential materials. Such audit shall is to be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. Immediately after the draft completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. If it is determined as a result of such audit that there has been a deficiency in an Annual Payment a loan repayment to the County BoardCounty, then such deficiency shall will become immediately due and payable with interest at the Default Rate, determined as of and accruing Rate from the date that said payment the deficient amount should have been madepaid. In addition, if the Annual Audited Financial Statements any audit conducted pursuant to this Section 4.6 determines that Residual Receipts have been understated for any calendar fiscal year shall be found to have understated Residual Receipts by more than ten five percent (105%) and by at least Five Thousand Dollars ($5,000)the County is entitled to any additional County Loan repayment as a result of said understatement, then the Borrower shall pay, in addition to the interest charges referenced hereinaboveamounts set forth above, all of the County Staff’s reasonable out of pocket costs and expenses connected incurred by the County in connection with any the audit or and review of Borrower’s 's accounts and or records.. In addition, upon the occurrence of an uncured Event of Default, the County or any designated agent or employee of the County at any time, upon three

County Audits. The receipt by (a) Each year, Borrower shall provide the County Staff with a copy of Annual Audited Financial Statements pursuant Borrower's annual audit, which is to subsection 2.05(b)(2)(ii)(B) above or acceptance by the County Staff include information on all of any loan repayment for any period shall Borrower's activities and not bind the County Board as just those pertaining to the correctness Development. Borrower shall also follow audit requirements of such Annual Audited Financial Statements or such payment. Within five the Single Audit Act and OMB Circulars A-122 and 110. (5b) years after the receipt of any such Annual Audited Financial StatementsIn addition, the County Staff or any designated agent or employee of the County Staff may, at any time and upon forty-eight (48) hours advance notice shall be entitled to time, audit the Residual Receipts calculation and all of Borrower's books, records, and accounts pertaining theretoto the Development, including but not limited to the Residual Receipts. Such Any such audit shall is to be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable wherever records are kept. If it is determined Immediately after the completion of an audit, the County shall deliver a copy of the results of the audit to Borrower. (c) If, as a result of such audit an audit, it is determined that there has been a deficiency in an Annual Payment to the County BoardCounty, then the total amount of such deficiency shall become (the “Shortfall”) will immediately be due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment the deficient amount should have been madepaid. In addition, if the Annual Audited Financial Statements audit determines that Residual Receipts have been understated for any calendar year shall be found to have understated Residual Receipts by more than ten five percent (105%) and by at least Five Thousand Dollars ($5,000), then Borrower shall pay, in addition to the Shortfall and interest charges referenced hereinabovecharges, all of the County Staff’s reasonable out of pocket County's costs and expenses connected with any incurred as a result of the audit or review of Borrower’s 's accounts and records.records.‌

County Audits. The receipt by the County Staff of Annual Audited Financial Statements any audited statement pursuant to subsection 2.05(b)(2)(ii)(B2.07(b)(2)(ii) above or acceptance by the County Staff of any loan repayment for any period shall not bind the County Board Staff as to the correctness of such Annual Audited Financial Statements audited statement or such payment. Within five (5) years after the receipt of any such Annual Audited Financial Statementsaudited statement by an accounting firm selected by the Borrower, the County Staff or any designated agent or employee of the County Staff Board at any time and upon forty-eight (48) hours advance notice shall be entitled to audit the Residual Receipts calculation and all books, records, and accounts pertaining thereto. Such audit shall be conducted during normal business hours at the principal place of business of the Borrower and other places where the applicable records are kept. If it is determined as a result of such audit that there has been a deficiency in an Annual Payment to the County Board, then such deficiency shall become immediately due and payable with interest at the Default Rate, determined as of and accruing from the date that said payment should have been made. In addition, if the Annual Audited Financial Statements Borrower’s auditor’s statement for any calendar year shall be found to have understated Residual Receipts by more than ten five percent (105%) and by at least Five Thousand Dollars ($5,000), then Borrower shall pay, in addition to the interest charges referenced hereinabove, all of the County Staff’s reasonable out of pocket costs and expenses connected with any audit or review of Borrower’s accounts and records.