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3 <br /> submit to HUD or COMMERCE periodic reports and financial data related to program income <br /> and/or revolving loan funds generated from the use of the NSP 1 funds, as applicable. <br /> 8. RECORDS RETENTION.As described in NSP1 Agreement Number 08-F6401-004,the <br /> Contractor will retain all records related to the NSP 1 project for a period of six(6)years from the <br /> date this Closeout Agreement is executed. This includes but is not limited to fmancial reports, <br /> property acquisition documents,rehabilitation or construction related documents. If any litigation, <br /> claim or audit is started before the expiration of the six(6)year period,the records shall be retained <br /> until all litigation, claims or audit findings involving the records have been resolved. <br /> 9. PROGRAM INCOME REUSE PLAN.The Contractor submitted to COMMERCE a Program <br /> Income Reuse Plan,which was approved by COMMERCE,and which is included as Attachment B to <br /> this Closeout Agreement. <br /> The Contractor agrees to comply with all applicable federal regulations and requirements for the <br /> administration and use of program income,as defined in 24 CFR 570.500(a)and as stipulated in 24 <br /> CFR 570.504.All program income received by the Contractor shall be solely used for NSP1 eligible <br /> activities,as described in the Statement of Work of NSP1 Agreement Number 08-F6401-004 and in <br /> the attached Program Income Reuse Plan.The Contractor agrees that no more than ten percent(10%) <br /> of program income received can be used to pay for administrative costs. <br /> At least twenty-five percent(25%)of any program income received by the Contractor or its <br /> subrecipients after October 18,2010,must be used to benefit persons with incomes at or below <br /> fifty percent(50%)of the median household income. <br /> The requirements of this section shall survive the termination of this Closeout Agreement. In the <br /> event that the Contractor fails to comply with the requirements for the administration and use of <br /> program income contained in this Closeout Agreement(including but not limited to the attached <br /> Program Income Reuse Plan), in the applicable federal regulations, or in the NSP1 Agreement <br /> Number 08-F6401-004,COMMERCE reserves the right to recapture funds in the amount of the non- <br /> compliance in addition to any other remedies available at law or in equity. <br /> 10. SURVIVAL.The terms,conditions,and warranties contained in this Closeout Agreement that by their <br /> sense and context are intended to survive the termination of this Closeout Agreement shall so survive. <br /> Department of Commerce Page 3 Closeout Agreement <br /> Neighborhood Stabilization Program 1 1 6 08-F6401-004CA <br />