2000 S ERCD - NC DENR Land and Water Conservation Project agreement

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V . REIMBURSEMENT OF PROJECT COSTS A . The Applicant agrees to maintain and make available at proper , times to the State and to the Director accurate records of all expenditures for costs applicable to this agreement , and to submit properly certified billings for such costs in forms prescribed by the State and supported by detailed data sheets that will facilitate the audit of the Applicant ' s financial records . Complete accounting records , including original invoices , payrolls , contracts , or other documents clearly showing the nature and property of all costs incurred under this agreement , shall be retained by the Applicant for a period of three years following project completion ; except the records shall be retained beyond the three -year period if audit findings have not been resolved . All accounting records and supporting documents will clearly show the number of the project to which they are applicable . Be The State agrees to reimburse to the Applicant all federal funds paid to the State as reimbursement of costs incurred by the Applicant under the terms of the above -referenced project agreement . C . The Applicant agrees to refund to the State , subsequent to audit of the project financial records , any fund required to be refunded to the National Park Service on account of audit exceptions . D . Project costs eligible for assistance shall be determined upon the basis of the criteria set forth in the Manual . E . Applicant agrees to reimburse the State any costs disallowed by the National Park Service . VI . PROJECT TERMINATION A . The Applicant may unilaterally rescind this agreement at any time prior to the commencement of the project . After project commencement , this agreement may be rescinded , modified or amended only by mutual agreement . A project shall be deemed commenced at the time the Applicant signs this project agreement . Be Failure by the Applicant to comply with the terms of this agreement or any similar agreement may be cause for the suspension of all obligations of the State hereunder . C . Failure by the Applicant to comply with the terms of this agreement shall not be cause for the ' suspension of all obligations of the State hereunder if, in the judgement of the State , such failure was due to no fault of the Applicant . In such case , any amount required to settle at minimum costs any irrevocable obligations properly incurred shall be eligible for assistance under this agreement . . D . The Applicant agrees that the benefit to be derived by the State and the United States from the full compliance by the Applicant with the terms of this agreement is the preservation , protection , and the net increase in the quality of public outdoor recreation facilities and resources available to the people of the State of North Carolina and of the United States , and that such benefit exceeds to an immeasurable and unascertainable extent the amount Page - 8 -