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NOW THEREFORE, pursuant to and for the purpose of carrying out the provisions of the Airport and Airway Improvement Act of 1982, as amended by the Airport and Airway Safety and Capacity Expansion Act of 1987, herein called the "Act," and /or the Aviation Safety and Noise Abatement Act of 1979, and in consideration of (a) the Sponsor's adoption and ratification of the representations and assurances contained in said Project Application and its acceptance of this Offer as hereinafter provided, and (b) the benefits to accrue to the United States and the public from the accomplishment of the Project and compliance with the assurances and conditions as herein provided, THE FEDERAL AVIATION ADMINISTRATION, FOR AND ON BEHALF OF THE UNITED STATES, HEREBY OFFERS AND AGREES to pay, as the United States share of the allowable costs incurred in accomplishing the Project, ninety (90) percentum of all allowable project costs. This Offer is made on and subject to the following terms and conditions: Conditions 1. The maximum obligation of the United States payable under this offer shall be $413,000.00. 2. The allowable costs of the project shall not include any costs determined by the FAA to be ineligible for consideration as to allowability under the Act. 3. Payment of the United States share of the allowable project costs will be made pursuant to and in accordance with the provisions of such regulations and procedures as the Secretary shall prescribe. Final determination of the United States share will be based upon the final audit of the total amount of allowable project costs and settlement will be made. for any upward or downward adjustments to the Federal share of costs. 4. The sponsor shall carry out and complete the Project without undue delays and in accordance with the terms hereof, and such regulations and procedures as the Secretary shall prescribe, and agrees to comply with the assurances which were made part of the project application. S. The FAA reserves the right to amend or withdraw this offer at any time prior to its acceptance by the sponsor. 6. This offer to pay any part of the costs of the project unless this offer has been accepted by the sponsor on or before 30 days from date of Grant Offer or such subsequent date as may be prescribed in writing by the FAA. FAA Form 5100 -37 (10-89) Development or Noise Program Page 2 of 6 Pages