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to the Department the Federal and State interest in the fair market value of any Project <br />property prematurely withdrawn from appropriate use. In turn, the Department shall <br />ba responsible to remit the Federal interest to the FTA. |n the case of fire, casualty, <br />or natural disaster, the Grantee may fulfill its obligations to remit the Federal and State <br />interest byeither: <br />1. Investing on amount equal tothe remaining Federal and State interest in like- <br />kind property that is eligible for assistance within the scope of the P jec[that <br />provided FederaVBtate assistance for the Project pnopedvpnanoatunn|y <br />withdrawn from use; or <br />2 Returning tu the Depa�mentanannnuDt equal tn the remaining Federal and <br />State interest in the withdrawn Project property. <br />j. Insurance Proceeds. If the Grantee [oneiVoo insurance proceeds as e result of damage or <br />destruction to the Project pFoperty,theGranteeaQFeeoto: <br />(1) Apply those,insurance proceeds to the cost of replacing the damaged or destroyed Project <br />property taken out of service, or <br />(2) Return to the Department an amount equal 1othe remaining Federal and State Interest in <br />the damaged or destroyed Project propertv. <br />k. . The Grantee agrees to comply with applicable requirements <br />of U.G. Pipeline and Hazardous Materials Safety Administration regulations, "Shippers - Gene/a| <br />Requirements for Shipments and Packaging," 49 C.F.R. Pad 173' in connection with the <br />transportation of any hazardous materials. <br />|. Misused or Damaged Project Propert . If any damage to Project property results from abuse or <br />misuse occurring with the Grantee 's knowledge and consent, the Grantee agrees to restore the <br />Project property to its original condition or refund the value of the Federal and State interest inthat <br />property, ms the Department may require. <br />M. Responsibilities after Proiect Closeout. The Grantee agrees that Project closeout by the <br />DepadnneDt will not change the Grantee's Project propertvcnanagomentrenponsibi/itiesas stated <br />in Section 14 of this Aonaernmnt' and as may be oat forth in subsequent Federal and State laws, <br />regulations, and directives, except to the extent the Department determines otherwise in writing. <br />Section 18. InsuranGe, The Grantee shall be responsible for protecting the state and/or federal financial <br />interest in the facility constructio n1ren ovation and equipment purchased under this Agreement throughout <br />the useful life. The Grantee shall prov|de, ao frequently and in such manner ax the Department may <br />require, written documentation thot the facility and equipment are insured against loss in an amount equal <br />to or greater than the state and/or federal share of the ree| value of the facility or equipment. Fo||una of <br />the Grantee to provide adequate insurance shall be considered a breach of contract and, after notification <br />may result in termination of this Agreement. In addition, other insurance requirements may apply. The <br />Grantee agrees aofollows: <br />o. Minimum Requirements. At a nniDiDnurn' the Grantee agrees to onrnp|y with the insurance <br />requirements normally imposed by North Carolina State and !noe| /amm, regU|otions, and <br />ordinances, except to the extent that the Department determines otherwise in writing. <br />b. Flood Hazards. To the extent applicable, the Grantee agrees to comply with the flood insurance <br />purchase provisions of Section 102&A of the Flood D|aes1or Protection /\ct of 1973` 42 U.S.C. § <br />4012o(a)' with respect to any Project activity involving construction or an acquisition having an <br />insurable cost of$1O.0OOnrmore. <br />Section 19. Relocation. When relocation of individuals orbusinesses is required, the Grantee agrees <br />as follows: <br />a. Relocation Protections. The Grantee agrees to comply with 4QU.G.C.05324(a), which requires <br />compliance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of <br />1870. an amended, 42 U.S.C. 8§ 4601 etoeq.; and U.S. DOT Ragu|adioon. "Uniform Relocation <br />Assistance and Real Property Acquisition for Federal and Federally Assisted Programs," 49 C.F.R. <br />Port 24' which provide for fair and equitable treatment of persons. displaced and peusohs whose <br />property is acquired as e result ofFederal and federally assisted programs. [See' new U.G. DOT <br />06/27/2015 Page 25of37 <br />