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<br /> Rural Economic Development Loan Agreement and EXHIBIT E
<br /> Legally Binding Commitment,Private Owner
<br /> BUILDING REUSE PROGRAM--Revision#3 zazo-o25-3zo1-z587
<br /> Governmental Unit or the State to any agreement for payment of goods or services or
<br /> represent to any person that they have such ability, Nor shall the Governmental Unit
<br /> have the ability to bind the State to any agreement for payment of goods or services
<br /> or represent to any person that it has such ability,
<br /> (b). The Owner and any third parry(including,without limitation,any Business)shall be
<br /> responsible for payment of all their expenses, including rent,office expenses and all
<br /> forms of compensation to their employees, The Owner and any third parties
<br /> (including,without limitation, any Business)shall provide worker's compensation
<br /> insurance to the extent required for their operations and shall accept full responsibility
<br /> for payments of unemployment tax or compensation, social security, income taxes,
<br /> and any other charges, taxes or payroll deductions required by law in connection with
<br /> their operations, for themselves and their employees who are performing work
<br /> pursuant to this LBC or the Project. All expenses incurred by the Owner or any third
<br /> party(including,without limitation,any Business)are their sole responsibilities,and
<br /> neither the Governmental Unit nor the State(including, without limitation,Commerce
<br /> and the Rural Authority)shall be liable for the payment of any obligations incurred in i
<br /> the performance of the Project.
<br /> 7, Proiect Records.
<br /> (a). The Owner shall maintain and cause any Business to maintain full, accurate and
<br /> verifiable financial records, supporting documents and all other pertinent data for the
<br /> Project in such a manner as to clearly identify and document the expenditure of the
<br /> State funds provided under this LBC separate from accounts for other awards,
<br /> monetary contributions or other revenue sources for this Project.
<br /> (b). The Owner shall retain and cause any Business to retain all financial records,
<br /> supporting documents and all other pertinent records related to this LBC,the Loan
<br /> and the Project for a period of five(5)years from the Termination Date, In the event
<br /> such records are audited,all such records shall be retained beyond the five-year
<br /> period until the audit is concluded and any and all audit findings have been resolved,
<br /> 8. Monitoring..Reports and Auditing, The Owner agrees to generate and to cause any
<br /> Business to generate such reports regarding the LBC or the Project as may be requested by
<br /> the Governmental Unit or the State(including,without limitation,the Rural Authority or
<br /> Commerce)in such form as they may request, including after the Termination Date. The
<br /> Owner further grants and shall cause any Business to grant the Governmental Unit or the
<br /> State(including any of its agencies,commissions or departments such as Commerce, the
<br /> North Carolina State Auditor and the North Carolina Office of State Budget and
<br /> Management) and any of their authorized representatives,at all reasonable times and as
<br /> often as necessary(including after the Termination Date), access to and the right to inspect,
<br /> copy,monitor and examine all of the books,papers, records and other documents relating
<br /> to the LBC or the Project, In addition,the Owner agrees to comply and to cause any
<br /> Business to comply at any time, including after the Termination Date,with any requests by
<br /> the State(including,without limitation, the Rural Authority or Commerce) for other
<br /> financial and organizational materials to permit the State to comply with its fiscal
<br /> monitoring responsibilities or to evaluate the short-and long-range impact of its programs.
<br /> Legally Binding Commitment-4
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