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289 NOW THEF IU FORE, 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 ratification of the conditions comprising this Offer as hereinafter provided, 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, TI-HE TEXAS AERONAUTICS CO- 'i1MISSIOt, FOR AND ON BE HALF Of"' T14E STATE OF TEXAS, HEREBY OFFERS AND AGREES to pay, as t1he State of Texas' share of the. allowable costs incurred in accoI iplishing the Project, 2 per centttm of all t allo::'abl : costs, or the maXiMUm ob lgation of the State payable Under this Offer, whichever is the lesser. This Offcr is made on and subject to the folluxing terms and conditions: I. The period of this agreement 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 50,000 3t 3 The Sponsor shall: a. Begin construction on or before Y,,v 1, 1975 . Failure to do so will constitute just cause for termination of the obligations of the State. of Texas hereunder by the Commission, unless at the Sponsor's request, thQ Commission grants additional time in writing. b. Carry out and complete the Project without undue delay and in accordance with the plans and specifications which are incorporated herein. The Commission has the option to withhold the pay -lent 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 September 1, 1975 - 4. The allcyvable costs of the Projoc.,t shall not include any costs d:-termined by the Commission to be ineligible for consideration as to allowability. TAG FOi:;v 100 (Rcv. 12/74) Page. 2 of 5