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<br />that exceed sponso.hare. <br /> <br />e <br /> <br />7. 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 adyance written request during <br />reasonable and regular business hours, to audit any books and records of the Sponsor to <br />yerify said funds. In addition, the Sponsor shall disclose the source of all funds for the <br />.project and its ability to finance and operatelhe project. <br /> <br />Following the execution of this Agreement and upon written demand by the State, the <br />Sponsor's financial obligation (Amount D) 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 Part V -7. Likewise, should the State be unwilling or <br />unable to pay its obligation in a timely manner, the failure to pay shall be considered a <br />breach and the Sponsor may exercise any rights and remedies it has at law or equity. <br /> <br />Expenditures for eligible project costs for the aboye 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 /> <br />PART III - Sponsor Responsibilities <br /> <br />1. .In: accepting the Agreement, the Sporisor giuirantees that: <br /> <br />a. it will comply with the Attachment A, Certification of Airport Fund, attached and <br />made a part of this Agreement; and <br /> <br />b~ it will comply with the .Attachment B, Airport Assurances (9/99)(State Modified <br />9/99), attached and made a part ofthis Agreement; and <br /> <br />c. 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 />State of Texas or the FAA in connection with the federal grant; and <br /> <br />d. .the Airpo.rt or navigational fa~ility which is the subject of this Agreement shall.be <br />controlled for a period of at least 20 years, and improyements made or acquired <br />. under this project shall be operated, repaired and maintained in a safe and <br />serviceable manner for the useful life of said improvements, not to exceed 20 <br />years; and . - . <br /> <br />e. consistent with safety and security requirements, it shall make the airport or air <br />nayigational facility ayailable to all types, kinds and classes of aeronautical use <br />without unjust discrimination between such types, kinds and classes and shall <br />proyide adequate public access duri~g the term of this Agreement; and <br /> <br />Page 3 of 25 <br />