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<br />the Sponsor fail to pay said obligation, either in whole or in <br />part, within 30 days of written demand, the State may exercise <br />its rights under Paragraph 111-5 hereof. Likewise, should the <br />State be unwilling or unable to pay its obligation in a timely <br />manner, the failure to pay shall be considered a breach and <br />the Sponsor may exercise any rights and remedies it has at law <br />or equity. <br /> <br />The State shall reimburse or credit the Sponsor, at the <br />financial closure of the project, any excess funds provided by <br />the Sponsor which exceed Sponsor's share (Amount c). <br /> <br />4. The Sponsor specifically agrees that it shall pay any project <br />costs which exceed the amount of financial participation <br />agreed to by the State. It is further agreed that the Sponsor <br />will reimburse the State for any payment or payments made <br />hereunder by the State which are in excess of the percentage <br />of financial assistance (Amount B) as heretofore stated in <br />Paragraph 11-2. <br /> <br />5. Upon satisfaction of the conditions specified in Paragraph II- <br />I above, this Grant shall terminate. The term of this grant <br />may be extended by the execution of an Amendment to the <br />Agreement. <br /> <br />6. In accepting this Grant, the sponsor guarantees that: <br /> <br />a. it will, in the operation of the facility, comply with <br />all applicable state and federal laws, rules, <br />regulations, procedures, covenants and assurances <br />required by the State in connection with this Grant; and <br /> <br />b. the Airport or navigational facility which is the subject <br />of this Grant shall be controlled for a period of at <br />least 20 years; and <br /> <br />c. consistent with safety and security requirements, it <br />shall make the airport or air navigational facility <br />available to all types, kinds and classes of aeronautical <br />use without discrimination between such types, kinds and <br />classes and shall provide adequate public access during <br />the period of this Grant; and <br /> <br />d. it shall not grant or permit anyone to exercise an <br />exclusive right for the conduct of aeronautical activity <br />on or about an airport landing area. Aeronautical <br />activities include, but are not limited to scheduled <br />airline flights, charter flights, flight instruction, <br />aircraft sales, rental and repair, sale of aviation <br />petroleum products and aerial applications. The landing <br />area consists of runways or landing strips, taxiways, <br /> <br />(September 3, 1996) <br /> <br />Page 3 of 10 <br />