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C. Administrator may not retain program income or Communitv Housing Development <br />Organization income proceeds of any kind, however derived, under this contract, <br />including the retention of program income to fund other eligible HOME activities. <br />Administrator shall comply with the requirements of 24 C.F.R. 592.503 to account for <br />program income, repayments, and recaptured funds related to activities financed in whole <br />or in part with funds provided under this contract. Administrator shall provide reports of <br />program income as requested by Department. Program income derived under this <br />contract must be submitted to Department within seven (7) business days of receipt. In <br />any event, program income received from a prior HOME contract must be disbursed <br />before Administrator requests additional funds from Department and the amount of <br />requested funds should be reduced by the program income used and noted in the request. <br />D. If Administrator is not a government entiry, Administrator shall maintain director or <br />officer liability insurance coverage in an amount, not less than $100,000, that is sufficient <br />to protect the interests of Department in the event an actionable act or omission by a <br />director or officer of Administrator damages the Department's interests. Administrator <br />shall provide Department with certificates of insurance evidencing Administrator's <br />current and effective insurance coverage. Administrator agrees to notify the Department <br />immediately upon receipt of notification of the termination, cancellation, expiration, or <br />modification of any required insurance coverage or policy endorsements. Administrator <br />agrees to suspend the performance of all work performed under this contract until the <br />Administrator satisfies the required coverage requirements, obtains the required policy <br />endorsements and delivers to Department certificates of insurance evidencing that such <br />coverag;e and policy endor~~ents arP c„r_rznt__and_effectiue,z~-~ec~:..,~ <br />from Department that the performance of work under this contract may recommence. <br />SECTION 6. RETENTION AND ACCESSIBILITY OF RECORDS <br />A. Administrator shall establish and maintain sufficient records, as specified by Department <br />and in accordance with 24 C.F.R. §92.508, including records that demonstrate that each <br />household assisted with funds provided under this contract is income eligible in <br />accordance with 24 C.F.R. §92.203. <br />B. Administrator agrees that Department, HUD, the Auditor of the State of Texas, the <br />United States General Accounting Office, the Comptroller of the United States, or any of <br />their duly authorized representatives, shall have the right to access and to examine all <br />books, accounts, records, reports, files, and other papers or property belonging to or in <br />use by Administrator pertaining to this contract. Administrator agrees to maintain such <br />records at its regular place of business. <br />C. All records pertinent to this contract shall be retained by Administrator for a period of <br />five (5) years in accordance with 24 C.F.R. §92.508(c), except: <br />1. If any litigation, claim, negotiation, audit, monitoring, inspection or other action <br />has started before the expiration of the required record retention period records <br />must be retained until completion of the action and resolution of all issues which <br />arise from it, or until the end of the required period, whichever is later. <br />HOME Contract #10U0930 <br />~ 000109 Page4 of21 <br />