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t t 1 7 <br />(2) Termination of this Agreement may occur for reasons described herein or <br />in attachments hereto. The COUNTY may execute an extension of this Agreement in its <br />discretion and in accordance with such additional conditions as it may require. <br />(3) The T,.CEDC agrees that it will supply such records, information and <br />verification relating to expenditures of the funds or the operationso f the LCEDC as may <br />reasonable be requested by the COUNTY. The LCEDC agrees that the COUNTY shall <br />have access to the records and premises of the LCEDC at all reasonable times, and the <br />LCEDC agrees to submit such reports as the COUNTY shall request pertaining to the <br />funds granted herein or the operations of the LCEDC. The LCEDC shall maintain a <br />written accounting and documentation of all of its receipts and disbursements relating to <br />the grant funds which are the subject of this Agreement. <br />The COUNTY reserves the right to require a certified audit pertaining to the use of grant <br />funds, or may perform the audit through the use of its staff. The LCEDC agrees to <br />subject itself to the provisions of Article 33C of Chapter 143 of the North Carolina <br />General Statutes, entitled "Meetings of Public Bodies" to the same extent as the <br />COUNTY. <br />(4) The LCEDC shall furnish to the COUNTY a copy of its audit report <br />performed by a certified public accountant as soon as such becomes available to the <br />LCEDC, but not later than six (6) months following the LCEDC`S fiscal year end. <br />(5) Funds will be disbursed to the LCEDC by reimbursement to the LCEDC <br />for expenses occurred in accordance with the attached Budget, unless otherwise specified <br />in the attachments. <br />(6) The COUNTY may suspend or terminate the payment of` grant funds in <br />whole or in part for any violation of this Agreement. Suspension or termination may be <br />affected for the following reasons as determined by the COUNTY, but not limited to <br />these reasons: <br />a) Ineffective or improper use of grant funds; <br />b) Failure to comply with the terms and conditions of the Agreement, <br />C) Submission to the COUNTY of reports which are incorrect or <br />incomplete in any material respects; <br />d) Frustration or impossibility of performance, rendering the carrying <br />out of this Agreement improper or unfeasible. <br />• In addition, the COUNTY may suspend or terminate payment of grant <br />funds if the LCEDC fails to make satisfactory progress towards meeting <br />the project services which are the subject of this Agreement and the <br />8 of 27 <br />