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Section 6. Reports: The Provider agrees to provide financial reports prior to receiving the funds and <br /> a Project Evaluation report as required by the City relating to the Provider's expenditure of funds and <br /> performance of activities under this contract. Financial reports required: <br /> A. Income statement(profit-and-loss statement) -organization's revenues,expenses and <br /> profitability for a calendar year 2022—budget vs actual. <br /> B. Statement of Financial Position(Balance sheet)—organizations,assets,liabilities,and <br /> equity dated the same month as the month of contract execution. <br /> Section 7. Periodic Payments: Funds to be paid by the City as provided in Section 3 above shall be <br /> released to the Provider as follows: 90% of award upon receipt of signed contract agreement, <br /> remaining 10% upon receipt of Project Evaluation report due 90 days after the last day of the event. <br /> Section S. Access to Records: The Provider agrees to allow the City to inspect all pertinent records, <br /> files, invoices and other written material maintained by the Provider related to this contract, with <br /> advance notice to the Provider. Any failure by the Provider to provide records as requested by the <br /> City may be deemed by the City to be a breach of this contract by the Provider. <br /> Section 9. Subcontracts. The Provider agrees not to subcontract any part of this contract to any <br /> other person or organization without the prior written consent of the City. <br /> Section 10. Political Activity. The Provider agrees not to use any of the funds received by the <br /> Provider under this contract for any political activity, including any activity to further the election <br /> or defeat of any candidate for public office or any activity undertaken to influence the passage,defeat <br /> or final content of legislation. <br /> Section 11. Compliance with Laws. The Provider agrees to comply with all applicable laws, <br /> ordinances, codes and regulations of the local, state and federal governments including those <br /> pertaining to equal employment opportunity and discrimination against participants. <br /> Section 12. Breach of Contract. <br /> A. If the City Manager of the City determines that the Provider is not carrying out its activities <br /> in accordance with this contract, or that the Provider has breached any provision of this <br /> contract,the City Manager shall notify the Provider in writing of the deficiency. The <br /> Provider shall have 10 working days from the date of the notice to correct the deficiency. <br /> B. If the deficiency is not appropriately corrected in the opinion of the City Manager within <br /> the prescribed time, notice may be given to the Provider that its funding will be terminated. <br /> C. Upon termination of this contract under this Section 12,the Provider shall remit all <br /> unspent funds allocated to it by the City within 30 days from the date of termination. <br /> Nothing in this contract precludes the City from seeking any other remedy for breach of <br /> this contract that is available in law or in equity. <br /> D. Either party to this contract shall have the right to terminate this contract by providing <br /> written notification to the other party at least 60 days prior to the effective date of <br /> termination. <br />