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<br />18. Loan disbursement will ordinarily be made when the project is <br />substantially completed. <br /> <br />19. Costs for interest during the construction period shall not <br />include any interest on borrowed funds in excess of the amount <br />needed to pay current Project costs in accordance with an interim <br />financing plan approved by the Government, <br /> <br />20. Disbursement of funds by the Government does not constitute <br />its acceptance of any item as an eligible Project cost until all <br />Project costs have been audited and determined to be reasonable by <br />the Government. <br /> <br />21. If the actual costs of the Project are less than the estimated <br />costs, the grant will be reduced to the extent necessary to comply <br />with the percentage limitation set forth in the Offer. Where an EDA <br />loan is involved, the remaining excess, if any, after the reduction <br />of Grant shall be applied to Bond redemption. <br /> <br />I <br /> <br />22. A. The Government shall have the right to terminate for cause <br />all or any part of its obligation hereunder if: <br /> <br />(1) Any representation made by the Grantee/Borrower to <br />the Government in connection with the application for <br />Government assistance shall be incorrect or incomplete in <br />any material respect. <br /> <br />(2) The Grantee/Borrower fails to comply with the essential <br />condition of this Agreement, that it shall diligently pursue <br />the development of this project to ensure completion within <br />the length of time proposed in the Offer. Failure to meet <br />the schedule in the Offer may cause the Government to <br />terminate the Offer of Grant. It is expressly understood <br />and agreed that the Grantee/Borrower shall notify the <br />Regional Director in the event delays occur which substantially <br />affect the accomplishment of the project. <br /> <br />(3) The intent and purpose of the Project is changed sub- <br />stantially so as to significantly affect the accomplishment <br />of the Project as intended. <br /> <br />I <br /> <br />(4) The Grantee/Borrower has violated commitments made by <br />it in its application and supporting documents or has violated <br />any of the terms or conditions of this Agreement. <br /> <br />- 16 - <br />