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2. Term of Grant Agreement. The effective period of this Grant Agreement shall commence on <br />10/17/2019 (“Effective Date”) and shall terminate on 12/31/2022 unless terminated on an earlier date <br />under the terms of this Grant Agreement (either one of which dates shall constitute the “Termination <br />Date”) or unless extended for an express term in writing by the County. <br />3. Funding. The Rural Authority proposes to the County an amount not to exceed $500,000.00 for <br />expenditures directly relating to the Project. The County shall not make or approve of any expenditure <br />or disbursal of Grant funds except pursuant to the terms of this Grant Agreement. <br />4. Method of Payment. County shall pay the Grant fund to Company within 30 days of receipt from <br />the Rural Authority. . Payment of Grant funds shall not occur until the Job Verification and Close Out <br />Requirements outlined in Exhibit D of the Rural Economic Development Grant Agreement have been <br />submitted and approved by the North Carolina Department of Commerce. <br />5. Obligation of Funds. The County shall not obligate Grant funds prior to the Effective Date or <br />subsequent to the Termination Date of this Grant Agreement. All obligations outstanding as of the <br />Termination Date shall be liquidated within thirty days. <br />6. Project Records. <br />(a). The Company shall maintain full, accurate and verifiable financial records, supporting <br />documents and all other pertinent data for the Project in such a manner as to clearly identify and <br />document the expenditure of the funds provided hereby separate from accounts for other awards, <br />monetary contributions ,or other revenue sources for this Project. <br />(b). The Company shall retain all financial records, supporting documents and all other pertinent <br />records related to the Project for a period of five (5) years from the Termination Date. In the event such <br />records are audited, all Project records shall be retained beyond the five-year period until the audit is <br />concluded and any and all audit findings have been resolved. <br />7. Monitoring, Reports and Auditing. <br />(a). The Company agrees to ensure compliance and provide its assistance with such monitoring and <br />auditing requirements as the County or State of North Carolina (“State”), including Commerce, may <br />request, including after the Termination Date of this Grant Agreement. Additionally, the Company shall <br />regularly monitor all performance related to Grant-supported activities, including activities performed <br />by the Company and any agent, contractor or subcontractor, to ensure compliance herewith. <br />(b). The Company shall furnish the County detailed written progress reports as requested by County. <br />Such reports should describe the progress made by the Company and any agent, contractor or <br />subcontractor toward achieving the purpose(s) of the Project. Such descriptions should include the <br />successes and problems encountered during the reporting period. Failure to submit a requested report <br />may result in the withholding of any forthcoming payment until County is in receipt of the delinquent <br />report and the report meets with County’s approval, in County’s sole discretion. <br />40