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B. If Administrator is a non-profit or for-profit organization, Administrator shall comply <br />with requirements of OMB Circular No. A-122 and the requirements of 24 C.F.R. Part 84 <br />unless otherwise specified in this contract. <br />C. Administrator may not retain program income ar Community 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. §92.503 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 iucome as requested by Department. Program incorne derived under this <br />contract rnust be submitted to Department within ten (10) days of receipt. In any event, <br />program income received from a prior HOME contract must be disbursed before <br />Administrator requests additional funds from Department and the amount of requested <br />funds should be reduced by the program income used and noted in the request. <br />D. If Administrator is a corporation, Administrator shall maintain director ar officer liability <br />insurance coverage in an amount, not less than $1,000,000 that is siifficient to protect the <br />interests of Department in the event an actionable act or omission by a director or officer <br />of Administrator damages the Department's interests. Administrator shall provide <br />Department with certificates of insurance evidencing Administrator's current and <br />effective insurance coverage. Administrator agrees to notify the Department immediately <br />upoil receipt of notification of the termination, cancellation, expiration, or modification of <br />any required insurance coverage or policy endorsements. Administrator agrees to <br />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 />coverage and policy endorsements are current and effective, and receives notification <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 TeYas, 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. 592.508(c), except: <br />1. If any litigation, claim, negotiation, audit, monitoring, inspection or other actioil <br />has started before the expiration of the required record retention period records <br />HOME Contract # 1001224 <br />Page 4 of 21 <br />