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<br />1 <br /> <br />I <br /> <br />I <br /> <br />conduct a performance audit of Chamber activity under this Agreement. <br />4. RECORDS <br />A. The Chamber agrees to provide access to an authorized representative of the Chamber's <br />financial records pertaining to performance under this Agreement during reasonable working hours. <br />B. The Chamber agrees to maintain fInancial portions of these records in accordance with <br />generally accepted accounting principles. <br />C. The Chamber agrees to retain the records for one year after termination of this <br />Agreement. <br />D. The Chamber agrees to submit to the City an annual financial report and an audit prepared <br />by a certified public accountant. <br /> <br />5. TERM <br />The term of this Agreement shall commence and become effective on October 1,2004, and <br />shall terminate on September 30, 2005. <br /> <br />6. ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br />those purchased solely with ED Funds and to be used in the performance of this Agreement. The <br />latter shall be inventoried and identified as property of the City. Inventory lists shall be provided by <br />the Chamber to the City. Subsequently acquired assets of this nature shall be similarly separated <br />from Chamber assets, inventoried and identified. <br />7. DEFAULT; TERMINATION <br />A. The Chamber will be in default of this Agreement if the Chamber: <br />1. fails to comply with any term or condition of this Agreement; or <br /> <br />2. is insolvent, or makes a general assignment for the benefit of its creditors, or a trustee or <br />receiver is appointed for the Chamber or for any of its property, or the Chamber files a <br />petition under bankruptcy or similar laws. <br /> <br />B. The City will notify the Chamber in writing of any default. The Chamber will take action <br />so that the default is corrected within the correction period stated in the notice. The City may, on the <br />basis of a default, withhold any payment otherwise due to the Chamber under this Agreement until <br />the default is corrected to the satisfaction of the City. The Chamber will confirm in writing to the <br />City within the correctIOn period that the default has been corrected. Ifthe Chamber falls to timely <br /> <br />6 <br />