Res 1999-199 - Laserfiche WebLink

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b. if required by the State, the Sponsor shall reimburse the State for funds expended on this project and Sponsor shall assume the responsibility for any future State expenses for contracted services or materials related to the project for which a contract had been executed prior to the Sponsor's request to void the Agreement. Sponsor funds held by the State may be retained until this requirement is satisfied; and c. failure on the part of the Sponsor to comply with the conditions of this paragraph shall constitute a breach of this Agreement. 5. Upon satisfaction of the conditions specified in Paragraph II-4 above, the State shall declare this Agreement null and void, and this Agreement shall have no force and effect, except that unexpended or unencumbered moneys actually deposited by the Sponsor and held with the State for project purposes shall be returned to the Sponsor within a reasonable time. 6. In the event that state funds are unavailable, this Agreement shall automatically be voided and become of no force and effect, except that unexpended or unencumbered moneys actually deposited by the Sponsor and held with the State for project purposes shall be returned to the Sponsor. 7. Sponsor's share of project costs (Amount C) shall be paid in cash when requested by the State. At project close-out, Sponsor will be reimbursed for any amounts that exceed Sponsor's share. 8. The Sponsor specifically agrees that it shall pay any project costs which exceed the amount of financial participation agreed to by the State. It is further agreed that the Sponsor will reimburse the State for any payment or payments made hereunder by the State which are in excess of the percentage of financial assistance (Amount D) as heretofore stated in Paragraph II-2. 9. Sponsor, by executing this Agreement certifies and, upon request, shall furnish proof to the State that it has sufficient funds to meet its share of the costs as heretofore stated. The Sponsor hereby grants to the State the right, upon advance written request during reasonable and regular business hours, to audit any books and records of the Sponsor to verify said funds. In addition, the Sponsor shall disclose the source of all funds for the project and its ability to finance and operate the project. Following the execution of this Agreement and upon written demand by the State, the Sponsor's financial obligation (Amount C) shall be due and payable to the State. Should the Sponsor fail to pay said obligation, either in whole or in part, within 30 days of written demand, the State may exercise its rights under Paragraph V-5 and/or V-6 hereof Page 3 of 14