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BOOK 2`, i„LE X6:3 <br />(2) Termination of this Agreement may occur for reasons described <br />herein or in attachments hereto. The CITY may execute an extension of this <br />Agreement in its discretion and in accordance with such additional conditions as <br />it may require. <br />(3) The LCEDC agrees that it will supply such records, information and <br />verification relating to expenditures of the funds or the operations of the LCEDC <br />as may reasonably be requested by the CITY. The LCEDC agrees that the CITY <br />shall have access to the records and premises of the LCEDC at all reasonable <br />times, and the LCEDC agrees to submit such reports as the CITY shall request <br />pertaining to the funds granted herein or the operations of the LCEDC. The <br />LCEDC shall maintain a written accounting and documentation of all of its <br />receipts and disbursements relating to the grant funds which are the subject of <br />this Agreement. <br />The CITY reserves the right to require a certified audit pertaining to the use of <br />grant funds, or may perform the audit through the use of its staff. The LCEDC <br />agrees to subject itself to the provisions of Article 33C of Chapter 143 of the <br />North Carolina General Statutes, entitled "Meetings of Public Bodies" to the <br />same extent as the CITY. <br />(4) The LCEDC shall furnish to the CITY a copy of its audit report <br />performed by a certified public accountant as soon as such becomes available to <br />the LCEDC, but not later than six (6) months following the LCEDC'S fiscal year <br />end. <br />(5) Funds will be disbursed to the LCEDC by reimbursement to the <br />LCEDC for expenses occurred in accordance with the attached Budget, unless <br />otherwise specified in the attachments. <br />(6) The CITY may suspend or terminate the payment of grant funds in <br />whole or in part for any violation of this Agreement. Suspension or termination <br />may be affected for the following reasons as determined by the CITY, but not <br />limited to 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 CITY 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 CITY may suspend or terminate payment of grant <br />funds if the LCEDC fails to make satisfactory progress towards <br />18 of 26 <br />