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7 <br /> 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 <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 /> I <br /> document the expenditure of the funds provided hereby separate from accounts for other awards, j <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 j <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 />