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<br />Master Advance Funding Agreement <br /> <br />AGREEMENT <br /> <br />1. Period of the Agreements <br />This Master Agreement and the Local Project Advance Funding Agreements (LPAFAs) subject to <br />this Master Agreement become effective when signed by the last party whose signing makes the <br />respective agreements fully executed. This Master Agreement shall remain in effect until <br />terminated as provided in Article 2. <br /> <br />2. Termination of this Master Agreement <br />This agreement may be terminated by any of the following conditions: <br />a. by mutual written consent and agreement of all parties. <br />b. by any party with 90 days written notice. If this Master Agreement is terminated under this <br />clause, all existing, fully executed LPAFAs made under this Master Agreement shall <br />automatically incorporate all the provisions of this Master Agreement. <br />c. by either party, upon the failure of the other party to fulfill the obligations as set forth in this <br />Master Agreement. <br /> <br />3. Termination of the Local Project Advance Funding Agreement (LPAFA) <br />An LPAFA shall remain in effect until the project is completed and accepted by all parties, unless: <br />a. the agreement is terminated in writing with the mutual consent of the parties, or; <br />b. because of a breach of this Master Agreement or a breach of the Local Project Advance <br />Funding Agreement. Any cost incurred due to a breach of contract shall be paid by the <br />breaching party. <br />c. After the PS&E the local government may elect not to provide the funding and the project does <br />not proceed because of insufficient funds; the local government agrees to reimburse the State <br />for its reasonable actual costs incurred during the project. <br />d. Conditions for termination as specified in the LPAFA are fulfilled. <br /> <br />4. Amendments <br />a. Amendment of this Master Agreement by Notice with Mutual Consent: The State may <br />notify the Local Government of changes in this Master Agreement resulting from changes <br />in federal or state laws or rules or regulations and these changes in the Master Agreement <br />shall be incorporated into this agreement unless the State is notified by the Local <br />Government within 60 days. From time to time, the State may issue numbered <br />restatements of this MAFA to wholly reflect its amendments. <br />b. This Master Agreement may be amended due to changes in the agreement or the <br />responsibilities of the parties. Such amendment must be made through a mutually agreed <br />upon, written amendment that is executed by the parties. <br />c. The notice of amendment and the amendment to this Master Agreement may be in an <br />electronic form to the extent permitted by law and after a prior written consent of the parties <br />to this agreement is made. <br />d. Amendments to the LPAFAs due to changes in the character of the work or terms of the <br />agreement, or responsibilities of the parties relating to a specific project governed under <br />this Master Agreement may be enacted through a mutually agreed upon, written <br />amendment to the LPAFA. <br /> <br />5. Remedies <br />This agreement shall not be considered as specifying the exclusive remedy for any agreement <br />default, but all remedies existing at law and in equity may be availed of by either party to this <br />agreement and shall be cumulative. <br /> <br />2 <br />