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PART V - Recitals <br />1, The State and the Sponsor shall obtain an audit as required by federal or state regulations. <br />2, The Sponsor, and not the State, shall be the contractual pariy to all construction and <br />professional service contracts entered into fo ~ t oe the S apel i Part NthiNomination of <br />power o f a t t o rn e y, a s g r a n t e d b y t h e S p o n s o <br />Agent, is a limited power to perform acts in connection with airport improvements as <br />specified in or necessitated by this Agreement. <br />3. The Sponsor agrees to pursue and enforce contract items, which are required by federal <br />and/or state regulations, laws and orders to insure satisfactory performance of contract <br />vendors. Such items include, but are not limited to, bid bonds, payment bonds, and <br />performance bonds. Pursuit and enforcement of contract items may require litigation and <br />other remedies of law. <br />4. The United States and the State of Texas shall not be responsible or liable for damage to <br />property or injury to persons which may arise from, or be incidental to, compliance with <br />this grant agreement. <br />5. This Agreement is executed for the sole benefit of the contracting parti t <br />e <br />intended or executed for the direct or incidental benefit of any third party. Furthermo <br />the State shall not be a party to any ered ntotorchavre a sumledenn, rega d to the above <br />may enter into or assume, or have en <br />project. <br />6. If the Sponsor fails to comply with the conditions of the grant, the State may, by written <br />notice to the Sponsor, suspend the grant in whole or in part. The notice of suspension <br />shall contain the following: <br />a. The reasons for the suspension and the corrective action necessary to lift the <br />suspension; <br />b. A date by which the conective action must be taken; <br />C. Notification that consideration will be given to terminating the grant after the <br />corrective action date. <br />In the case of suspension or termination, the Sponsor may request the State to reconsider <br />the suspension or termination. Such request for reconsideration shall be made within 45 <br />days after receipt of the notice of suspension or termination. <br />Page 9 of 28 <br />