Fort Walton Beach Council agenda — 02-08-05 — reading text

b) Monthly Reports are due to be received by the Corporation no later than fifteen ( 15) days after the end of each month and shall continue to be submitted each month until submission of the close- out report. c) The close- out report is due thirty (30) days after termination of this Contract or upon completion of the activities contained in this Contract. The close- out report shall contain information regarding all participants assisted with HOME Again funds including, but not limited to, participant names, amounts, loan terms, and if all information has been forwarded to the Corporation. Additionally, an accounting of the use of all administration funds received under the HOME Again program. d) If all required reports and copies, prescribed above, are not sent to the Corporation or are not completed in a manner acceptable to the Corporation, the Corporation may withhold further payments until they are completed or may take such other action as set forth in Paragraph ( 10). The Corporation may terminate the Contract with a Subrecipient if reports are not received within 10 days after written notice by the Corporation. " Acceptable to the Corporation" means that the work product was competed in accordance with generally accepted principles and is consistent with Attachment A. e) Upon.reasonable notice, the Subrecipient shall provide such additional program updates or information as may be required by the Corporation. f) The Subrecipient will provide any and all reports necessary for the Corporation to meet its reporting requirement under 24 CFR ~ 92. 509 with respect to the Subrecipient's use of HOME funds. 3  8) MONITORING. The Subrecipient shall do all things necessary to assist the Corporation carrying out its monitoring responsibilities as required by 24 CFR ~ 92. 504(d), in which may, at the option of the Corporation, include on- site inspection. Further, the Subrecipient shall constantly monitor its performance under this Contract to ensure that time schedules are being met, work is being accomplished within specified time periods and other performance goals are being achieved. Such review shall be made for each function or activity set forth in Attachment A to this Contract. 9) LIABILITY. The Subrecipient shall be solely responsible to parties with whom it shall deal in carrying out the terms of this Contract and shall hold the Corporation harmless against all claims of whatever nature by third parties arising out of the performance of work under this Contract. 10) DEFAULT~REMEDIES~ TERMINATION. a) If any of the following events occur (" Events of Default"), all obligation part of the Corporation to cause to be made any further payment of funds pursuant to 24 on the CFR ~ 92. 502 shall, if the Corporation so elects, terminate and the Corporation may at its option exercise any of its remedies set forth herein, but the Corporation may make any payments or parts of payments after the happening of any Events of Default without thereby waiving the right to exercise such remedies, and without becoming liable to make any further payment: 1. If any warranty or representation made by the Subrecipient in this Contract or any previous Contract with the Corporation shall at any time be found.to be false. or misleading in any respect or if the Subrecipient shall fail to keep, observe or perform any of the terms or covenants contained in this Contract or any previous contract with the Corporation and has not cured such in timely fashion or is unable or unwilling to meet its obligations there under; 2. If any material adverse change shall occur in the fmancial condition of the Subrecipient at any time during the term of this Contract from the financial condition revealed in any reports filed or to be filed with the Corporation and the Subrecipient fails to cure said material adverse change within thirty (30) days from the time the date written notice is sent by the Corporation; 3. If any reports required by this Contract have not been timely submitted to the Corporation or have been submitted with incorrect, incomplete or insufficient information; 4. If the Subrecipient has failed to perform and complete in timely fashion any of the services required under Attachment A. b) Upon the happening of an Event of Default, then the Corporation may, at its option, upon written notice to the Subrecipient and upon the Subrecipient' s failure to timely cure, exercise anyone or more of the following remedies, either concurrently or consecutively, 4 Corporation may, to the extent authorized by law, withhold any payments to the Subrecipient for purpose of set- off until such time as the exact amount of damages due the Corporation from the Subrecipient is determined. h) The Corporation shall have the right to terminate this Contract for convenience under 24 CFR 9 85.44. 11) NOTICE AND CONTACT. a) All notices provided under or pursuant to this Contract shall be in writing, either by hand delivery, or first class, certified mail, return receipt requested, to the representative identified below. b) The Corporation' s contract manager for this Contract is: Esrone McDaniels Deputy Development Officer, Homeownership Florida Housing Finance Corporation 227 North Bronough Street, Suite 5000 Tallahassee, FL 32301- 1329 c) The Representative of the Subrecipient responsible for the administration of this Contract is: Contact Person: Mike Burton Title: Finance Director Subrecipient Entity: City of Fort Walton Beach Address: P. O. Box 4009 City, State, ZIP: Fort Walton Beach. FL 32549 d) In the event that different representatives are designated by either party after execution of this Contract, notice of the name, title and address of the new representative will be rendered as provided in Paragraph ( 11)( a) above. 12) OTHER PROVISIONS. a) The validity of this Contract is subject to the truth and accuracy of all the information and representations in the HOME Again Application and in all materials submitted or provided by the Subrecipient in this Contract, in any subsequent submission or response to the Corporation' s request or in any submission or response to fulfill the requirements of this Contract and such information, representations and materials are incorporated by reference. The lack of accuracy thereof or any material changes shall, at the option of the Corporation and with thirty (30) days written notice to the Subrecipient, cause the termination of this Contract and the release of the Corporation from all its obligations to the Subrecipient. b) This Contract shall be construed under the laws of the State of Florida, and venue for any actions arising out of this Contract shall lie in Leon County. If any provision 6 hereof is in conflict with any applicable statute or rule, or is otherwise unenforceable, then such provision shall be deemed null and void to the extent of such conflict, and shall be deemed severable, but shall not invalidate any other provision of this Contract. c) No waiver by the Corporation of any right or remedy granted hereunder or failure to insist on strict performance by the Subrecipient shall affect or extend or act as a waiver of any other right or remedy of the Corporation hereunder or affect the subsequent exercise of the same right or remedy by the Corporation for any further or subsequent default by the Subrecipient. Any power of approval or disapproval granted to the Corporation under the terms of this Contract shall survive the terms and\ life of this Contract as a whole. d) The Contract may be executed in any number of counterparts, anyone of which may be taken as an original. 13) AUDIT REQUIREMENTS. a) The Subrecipient agrees to establish and implement fm~ cial procedures and maintain supporting documents, in accordance with generally accepted accounting principles, to account for the receipt and expenditure of funds under this Contract. b) These records shall be available at all reasonable times for inspection, review or audit by federal and state auditors, Corporation staff, and other personnel duly authorized by the Corporation. " Reasonable" shall be construed according to circumstances, but ordinarily shall mean normal business hours of8: 00 a. m. to 5: 00 p. m., local time, Monday through Friday. c) The Subrecipient shall also provide the Corporation with the records, reports or fmancial statements upon request for the purposes of auditing and monitoring the funds awarded under this Contract. d) The Subrecipient shall provide the Corporation with an annual financial audit report which meets the applicable requirements of Sections 11.45 and 218. 39, F. S., and Chapter 10. 550, Rules of the Auditor General, OMB Circular A- 133, and, to the extent applicable, the Single Audit Act of 1984, as amended, 31 D.S. C. ~ 7501- 7507, for the purposes of auditing and monitoring the funds awarded under this Contract. 1. The annual financial audit report shall include all management letters and the Subrecipient' s response to all findings, including corrective actions to be taken. 2. The annual financial audit report shall include a schedule of federal awards specifically identifying all Contract revenue by sponsoring agency and Contract number. 3. The complete financial audit report, including all items specified in Paragraph ( 13)( d)( I) and ( 2) above, shall be sent by mail or electronically directly to: 7  Florida Housing Finance Corporation Homeownership Staff 227 N. Bronough Street Suite 5000 Tallahassee, Florida 32301 Esrone. McDaniels@Floridahousing. org e) In the event the audit shows that the entire funds, or any portion thereof, were not spent in accordance with the conditions of this Contract, the Subrecipient shall be held liable for reimbursement to the Corporation of all funds not spent in accordance with these applicable regulations and Contract provisions within thirty (30) days after the Corporation has notified the Subrecipient of such non- compliance. f) The Subrecipient shall retain all financial records, supporting documents, statistical records and any other documents pertinent to this contract for a period of three years after the date of submission of the final expenditures report. However, if litigation or an audit. has been initiated prior to the expiration of the three- year period, the records shall be retained until the litigation or audit findings have been resolved. g) The Subrecipient shall have all