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6.5.5 Endorsement Requirements. Each insurance policy required by Section 6 shall be endorsed to state <br />that coverage shall not be canceled by either party, except after 30 days’ prior written notice has been provided to <br />the City. <br /> <br />6.5.6 Subcontractors. Subrecipient shall include all subcontractors as insureds under its policies or shall <br />furnish separate certificates and certified endorsements for each subcontractor. All coverages for subcontractors <br />shall be subject to all of the requirements stated herein. <br /> <br />6.6 Submittal of Proof of Insurance Coverage. All certificates of insurance and original endorsements <br />effecting coverage required in this Section 6 must be electronically submitted through the City’s online insurance <br />document management program, PINS Advantage. Contractor shall comply with all requirements provided by City <br />related to the PINS Advantage program. <br /> <br />6.7 Remedies. In addition to any other remedies City may have if Subrecipient fails to provide or <br />maintain any insurance policies or policy endorsements to the extent and within the time herein required, City may, <br />at its sole option exercise any of the following remedies, which are alternatives to other remedies City may have and <br />are not the exclusive remedy for Subrecipient’s breach: <br /> <br /> a. Obtain such insurance and deduct and retain the amount of the premiums for such insurance <br />from any sums due under the Agreement; <br /> <br /> b. Order Subrecipient to stop work under this Agreement or withhold any payment that <br />becomes due to Subrecipient hereunder, or both stop work and withhold any payment, until Subrecipient <br />demonstrates compliance with the requirements hereof; and/or <br /> <br /> c. Terminate this Agreement. <br /> <br />7.0 ADMINISTRATIVE REQUIREMENTS <br /> <br />7.1 Financial Management. <br /> <br />a. Accounting Standards. The Subrecipient agrees to comply with 24 CFR Part 84 and agrees <br />to adhere to the accounting principles and procedures required therein, utilize adequate internal controls, and <br />maintain necessary source documentation for all costs incurred. <br /> <br />b. Cost Principles. The Subrecipient shall administer its program in conformance with OMB <br />Circulars A-122, "Cost Principles for Non-Profit Organizations," or A-21, "Cost Principles for Educational <br />Institutions," as applicable for all costs incurred whether charged on a direct or indirect basis. <br /> <br />7.2 Documentation and Record-Keeping <br /> <br />a. Records to be Maintained. The Subrecipient shall maintain all records required by the <br />Federal regulations specific in 24 CFR Part 570.506, and that are pertinent to the activities to be funded under this <br />Agreement. Such records shall include but not be limited to: <br /> <br /> (1) Records providing a full description of each activity undertaken; <br />(2) Records demonstrating that each activity undertaken meets one of the National <br />Objectives of the CDBG program set forth in 24 CFR 570.208; <br />(3) Records required determining the eligibility of activities; <br />(4) Records required to document the acquisition, improvement, use or disposition of <br />real property acquired or improved with CDBG assistance; <br />(5) Records documenting compliance with the fair housing and equal opportunity <br />components of the CDBG program; <br />(6) Financial records as required by 24 CFR Part 570.502, and Part 84; and <br />(7) Other records necessary to document compliance with Subpart K of 24 CFR 570. <br /> <br />b. Retention. The Subrecipient shall retain all records pertinent to expenditures incurred under <br />this Agreement for a period of four (4) years after the termination of all activities funded under this agreement, or <br />after the resolution of all Federal audit findings, whichever occurs later. Records for non-expendable property <br />314