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BOOK 23 PAGE 725 (1) The LCEDC covenants and agrees to expend the funds which are the subject of this Agreement and perform services in consideration of the receipt of funds in accordance with the purposes and/or under the restrictions and conditions as attached to this Agreement and incorporated herein by reference. The LCEDC further agrees to expend the CITY funds in accordance with the Budget for said funds attached hereto which is incorporated herein by reference. Funds made available to the LCEDC pursuant to this Agreement shall be expended only in accordance with the applicable federal, state, and local laws. No change or alteration in the amount of the total Budget attached may be made without the express approval of the City Council if the CITY amount changes. The Budget detail or total Budget may be amended with the approval of the City Manager, within the CITY funds made available by this Agreement. (2) Termination of this Agreement may occur for reasons described herein or in attachments hereto. The CITY may execute an extension of this Agreement in its discretion and in accordance with such additional conditions as it may require. (3) The LCEDC agrees that it will supply such records, information and verification relating to expenditures of the funds or the operations of the LCEDC as may reasonable be requested by the CITY. The LCEDC agrees that the CITY shall have access to the records and premises of the LCEDC at all reasonable times, and the LCEDC agrees to submit such reports as the CITY shall request pertaining to the funds granted herein or the operations of the LCEDC. The LCEDC shall maintain a written accounting and documentation of all of its receipts and disbursements relating to the grant funds which are the subject of this Agreement. The CITY reserves the right to require a certified audit pertaining to the use of grant funds, or may perform the audit through the use of its staff. The LCEDC agrees to subject itself to the provisions of Article 33C of Chapter 143 of the North Carolina General Statutes, entitled "Meetings of Public Bodies" to the same extent as the CITY. (4) The LCEDC shall furnish to the CITY a copy of its audit report performed by a certified public accountant as soon as such becomes available to the LCEDC, but not later than six (6) months following the LCEDCs fiscal year end. (5) Funds will be disbursed to the LCEDC by reimbursement to the LCEDC for expenses occurred in accordance with the attached Budget, unless otherwise specified in the attachments. (6) The CITY may suspend or terminate the payment of grant funds in whole or in part for any violation of this Agreement. Suspension or termination may be affected for the following reasons as determined by the CITY, but not limited to these reasons: 15 of 22