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8. Sponsor's share of project costs (Amount E) shall be paid initially in cash when requested <br />by the State. At project closeout, Sponsor will be reimbursed for any credited amounts <br />that exceed Sponsor's share. <br />9. Sponsor, by executing this Agreement certifies, and upon request, shall furnish proof to <br />the State that it has sufficient funds to meet its share of the costs. The Sponsor grants to <br />the State and federal government the right, upon advance written request during <br />reasonable and regular business hours, to audit any books and records of the Sponsor to <br />verify said funds. In addition, the Sponsor shall disclose the source of all funds for the <br />project and its ability to finance and operate the project. <br />Following the execution of this Agreement and upon written demand by the State, the <br />Sponsor's financial obligation (Amount E) shall be due and payable to the State. State <br />may request the Sponsor's financial obligation in partial payments. Should the Sponsor <br />fail to pay the obligation, either in whole or in part, within 30 days of written demand, the <br />State may exercise its rights under Paragraph V-7. Likewise, should the State be <br />unwilling or unable to pay its obligation in a timely manner, the failure to pay shall be <br />considered a breach and the Sponsor may exercise any rights and remedies it has at law or <br />equity. <br />Expenditures for eligible project costs for the above project made by the State or the <br />Sponsor prior to the award of a federal grant for the project, and prior to actual receipt of <br />the authority to expend federal grant funds, shall be made from Sponsor funds. <br />10. The State shall make all reasonable attempts to acquire federal funding for the completion <br />and construction of this project within two years of completion of design services. The <br />Sponsor agrees to complete and construct this project within two years of completion of <br />design services, subject to the availability of federal funds. <br />PART III - Sponsor Responsibilities <br />L In accepting the Agreement, the Sponsor guarantees that: <br />a. it will comply with the Attachment A, Certification of Airport Property Interests, <br />attached and made a part of this Agreement; and <br />b. it will comply with the Attachment B, Certification of Airport Fund, attached and <br />made a part of this Agreement; and <br />c. it will comply with the Attachment C, Airport Assurances (3/2010)(State <br />Modified 3/2010), attached and made a part of this Agreement; and <br />d. it will, in the operation of the facility, comply with all applicable state and federal <br />laws, rules, regulations, procedures, covenants and assurances required by the <br />Page 4 of 35 <br />- . 153 <br />