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<br />Page 2 of 6 pages <br />NOW THEREFORE, pursuant to and for the purpose of carrying out the provisions of the <br />Airport and Airway Development Act of 1970, as amended (49 U.S.C. 1701 et seq.),and in <br />consideration of (a) the Sponsor's adoption and ratification of the representations and <br />assurances contained in said Application for Federal Assistance, and its acceptance of this <br />Offer as hereinafter provided, and (b) the benefits to accrue to the United States and the <br />public from the accomplishment of the Project and the operation and maintenance of the <br />Airport as herein provided, THE FEDERAL AVIATION ADMINISTRATION, FOR AND <br />ON BEHALF OF THE UNITED STATES, HEREBY OFFERS AND AGREES to pay, as <br />the United States share of the allowable costs incurred in accomplishing the Project, <br />ninety percentum of all allowable project costs. <br />This Offer is made on and subject to the following terms and conditions: <br />1. The maximum obligation of the United States payable under this Offer shall be <br />$ 110,000.00. <br />2. The Sponsor shall: <br />a. begin accomplishment of the Project within ninety days <br />after acceptance of this Offer or such longer time as may be prescribed by the <br />FAA, with failure to do so constituting just cause for termination of the <br />obligations of the United States hereunder by the FAA; <br />b. carry out and complete the Project without undue delay and in accordance <br />with the terms hereof, the Airport and Airway Development Act of 1970, as <br />amended, and the Regulations of the FAA (14 CFR Part 152) in effect as of <br />the date of acceptance of this Offer; which Regulations are hereinafter refer- <br />red to as the "Regulations"; <br />C. carry out and complete the Project in accordance with the plans and specifica- <br />tions and property map, incorporated herein, as they may be revised or <br />modified with the approval of the FAA; <br />d. submit all financial reports on an accrual basis and if records are not maintain- <br />ed on an accrual basis, reports may be based on analysis or records or best <br />estimates as required by the Regulations; <br />e. monitor performance under the Project to assure that time schedules are being <br />met, projected work units by time periods are being accomplished, and that <br />other performance goals are being achieved as established by the Regulations. <br />FAA FORM 5100-37 P G. 2 (3-78) SUPERSEDES FAA FORM 5100-13