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<br /> 7. Sponsor, by executing this Agreement certifies, and upon <br /> request, shall furnish proof to the State that it has <br /> sufficient funds to meet its share of the costs as heretofore <br /> stated. The Sponsor hereby grants to the State and federal <br /> government the right, .upon advance written request during <br /> reasonable and regular business hours, to audit any books and <br /> records of the Sponsor to verify said funds. In addition, the <br /> Sponsor shall disclose the source of all funds for the project <br /> and its ability to finance and operate the project. <br /> Following the execution of this Agreement and upon wr i t ten <br /> demand by the State, the Sponsor's financial obligation <br /> (Amount D) shall be due and payable to the State. State may <br /> request the Sponsor's financial obligation in partial <br /> payments. Should the Sponsor fail to pay said obligation, <br /> either in whole or in part, within 30 days of written demand, <br /> the State may exercise its rights under Paragraph 111-9 <br /> hereof. Likewise, should the State be unwilling or unable to <br /> pay its obligation in a timely manner, the failure to pay <br /> shall be considered a breach and the Sponsor may exercise any <br /> rights and remedies it has at law or equity. <br /> Expenditures for eligible project costs for the above project <br /> made by the State or the Sponsor prior to the award of a <br /> federal grant for said project, and prior to actual receipt of <br /> the authority to expend federal grant funds, shall be made <br /> from Sponsor funds. Construction expenses incurred prior to <br /> the execution of this agreement and the State's Notice to <br /> Proceed will be ineligible for any federal reimbursement under <br /> this grant. <br /> PART III - Sponsor Responsibilities <br /> 1. In accepting the Agreement, the Sponsor guarantees that: <br /> a. it will comply with the Attachment A, Airport Assurances <br /> (06/02/97) (State Modified 7/97), attached hereto and made <br /> a part of this Agreement; and <br /> b. it will, in the operation of the facility, comply with <br /> all applicable state and federal laws, rules, <br /> regulations, procedures, covenants and assurances <br /> required by the State of Texas or the FAA in connection <br /> with the federal grant; and <br /> c. the Airport or navigational facility which is the subject <br /> of this Agreement shall be controlled for a period of at <br /> Page 4 of 15 <br />