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8. The Grantee accepts and will retain full control of the disposition of funds awarded to the Grantee by the
<br />Foundation under this grant, and accepts and will retain full responsibility for compliance with the terms and
<br />conditions of the grant. Grant funds shall be utilized exclusively for the purposes set forth above, and if any
<br />portion of the grant is not used for these purposes, the Grantee agrees to repay such portion to the Foundation.
<br />If the Grantee breaches any of the covenants or agreements contained in this Agreement, or any of the
<br />representations and warranties are untrue as to a material fact, the Grantee agrees to repay to the Foundation the
<br />full amount of this grant. Any condition, purpose, term or provision in the Foundation's resolution approving
<br />funding or in this Agreement shall take precedence over any conflicting provision in the Grantee's application.
<br />9. The Grantee is in material compliance with all federal, state, county, and local laws, regulations, and orders that
<br />are applicable to the Grantee, and the Grantee has timely filed with the proper governmental authorities all
<br />statements and reports required by the laws, regulations, and orders to which the Grantee is subject. There is no
<br />litigation, claim, action, suit, proceeding or governmental investigation pending against the Grantee, and there is
<br />no pending or (to the Grantee's knowledge) threatened litigation, claim, action, suit, proceeding or governmental
<br />investigation against the Grantee that could reasonably be expected to have a material adverse effect upon the
<br />Grantee's ability to carry out this grant in accordance with its terms. The Grantee has timely paid all judgments,
<br />claims, and federal, state, and local taxes payable by the Grantee the non-payment of which might result in a lien
<br />on any of the Grantee's assets or might otherwise adversely affect the Grantee's ability to carry out this grant in
<br />accordance with its terms.
<br />10. The Grantee agrees to immediately notify the Foundation of anything that may materially affect the Grantee's
<br />ability to perform the project funded. If the Grantee proposes to modify the budget, the objectives, or any other
<br />feature of the project funded, it shall not expend any funds from this grant for such purposes unless the
<br />Foundation has approved such proposed modifications in writing. Moreover, no further payments shall be made
<br />to the Grantee in connection with the project funded unless and until the Foundation has approved such
<br />proposed modifications in writing.
<br />11. The Grantee acknowledges that grant funds shall be paid to the Grantee only when those sums are needed to
<br />carry out the project funded and the Grantee has submitted a written request for payment. A sum equal to twenty
<br />percent (20%) of the total amount of the grant will be retained by the Foundation until the Grantee completes its
<br />obligations under this grant, including its submission of a final report on the project funded. Each request for
<br />payment shall be in writing and shall certify that the Grantee has performed in accordance with the terms and
<br />provisions of its Grantee Acknowledgment and Agreement, and that such Grantee is entitled under the terms of
<br />such Agreement to receive the amount so requested. Each request should be made to Mr. Dan Gerlach,
<br />President, The Golden LEAF Foundation, 301 N. Winstead Avenue, Rocky Mount, NC 27804. Payment should
<br />not be requested until the Grantee has need for actual expenditures of the funds. Grantee should request
<br />payment at least thirty (30) days prior to its desired payment date. All requirements under this Grantee
<br />Acknowledgment and Agreement must be met before payment will be made. If the grant is conditional or
<br />contingent, all conditions and contingencies must be met before payment will be made.
<br />12. The Grantee agrees to submit an Interim Report to the Foundation annually, to be received by the Foundation by
<br />June 30. The Grantee agrees to submit a Final Report for receipt by the Foundation within sixty (60) days after
<br />the completion of all obligations for the project funded. The Grantee will furnish additional or further reports if
<br />so requested by the Foundation on forms prescribed by the Foundation. Failure to submit a required report by
<br />the scheduled submission date will result in the withholding of any subsequent grant payment until the
<br />Foundation receives the delinquent report.
<br />13. The Grantee agrees to maintain full, accurate and verifiable financial records, supporting documents, and all
<br />other pertinent data for the project funded in such a manner so as to identify and document clearly the
<br />expenditure of Foundation funds provided, separate from accounts for other awards, monetary contributions, or
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