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<br />,. <br /> <br />project costs for the purposes of determining the Sponsor's <br />share of total project costs (Amount C), shall be determined <br />according to federal and state rules, regulations, orders, <br />procedures, advisory circulars or any other directives. <br /> <br />8. Sponsor, by executing this Agreement certifies and, upon <br />request, shall furnish proof to the State that it has <br />sufficient funds to meet its share of the costs as heretofore <br />stated. The Sponsor hereby grants to the state and federal <br />government the right to audit any books and records of the <br />Sponsor to verify said funds. In addition, the Sponsor shall <br />disclose the source of all funds for the project and its <br />ability to finance and operate the project. <br /> <br />Upon execution of this Agreement and written demand by the <br />State, the Sponsor's financial obligation (Amount C) shall be <br />due and payable in full to the State. State may request the <br />Sponsor's financial obligation in partial payments. Should <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 111-9 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 />Expenditures for eligible project costs for the above project <br />made. by the state or the Sponsor prior to the award of a <br />federal grant for said project, and prior to actual receipt of <br />the authority to expend federal grant funds, shall be made <br />from Sponsor funds. <br /> <br />9. In accepting the Agreement, the Sponsor guarantees that: <br /> <br />a. it will comply with the Attachment A, Airport Assurances <br />(1-95), attached hereto and made a part of this <br />Agreement, references to project application in these <br />assurances shall mean the same as Airport. Project <br />Participation Agreement; and <br /> <br />b. 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 of Texas or the FAA in connection <br />with the federal grant; and <br /> <br />c. the Airport or navigational facility which is the subject <br />of this Agreement shall be controlled for a period of at <br />least 20 years, and improvements made or acquired under <br />this project shall be operated, repaired and maintained <br />in a safe and serviceable manner for the useful life of <br />said improvements, not to exceed 20 years; and <br /> <br />Page 4 of 14 <br />