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I NOW, THEREFORE, pursuant to and for the purpose of carrying out the provisions of the Texas Aeronautics Commission Act as amended, and in consideration of (a) the Sponsor's adoption and ratifica- tion of the conditions comprising this Offer as hereinafter pro- vided, and (b) the benefits to accrue to the State of Texas and the public from the accomplishment of the project and the operation and maintenance of the Airport as herein provided, THE TEXAS AERO- NAUTICS COMMISSION, FOR AND ON BEHALF OF THE STATE OF TEXAS, HEREBY OFFERS AND AGREES to pay, as the State of Texas' share of the allow- able costs incurred in accomplishing the project, per centum of all allowable costs, or the maximum obligation of the State payable under this Offer, whichever is less. 'his offer is made on and subject to the following terms and condi- tions: 1. The period of this grant contract shall be twenty (20) years from the date of Sponsor's acceptance. 2. The maximum obligation of the State of Texas payable under this Offer shall be X1.15 000 3. The Sponsor shall: a. Begin construction Failure to do so w termination of the Texas hereunder by Sponsor's request, time in writing. on or before June 15, 1983 ill constitute just cause for obligations of the State of the Commission, unless at the the Commission grants additional b. Carry out and complete the project without undue delay and in accordance with the plans and speci- fications which are submitted to and approved by the staff. The Commission has the option to with- hold the payment-of any State funds unless the plans and specifications have been completed and approved by the Commission. C. Make every reasonable attempt to complete the project on or before -October-1 , 1983 4. The allowable costs of the project shall not include any costs determined by the Commission to be ineligible for consideration as to allowalility. AC Form 400 -6 (3/83) Page 2 of 8