this Agreement to assist the Commission and the YMCA in acquiring land and building a downtown complex, which will include the YMCA project.
2. Requirement of Grantor: The parties acknowledge that the grant is given under the following terms and conditions.
(a) Public Acknowledgement:
All public acknowledgement of this grant using either Grantee's regular procedure which may include, but is not limited to, news releases, announcements, and the issuance of appropriate certificates, plaques, or markers, shall be first submitted to Grantor for pre-approval, which approval shall not be unreasonably withheld by Grantor.
(b) Right of Inspection:
The parties acknowledge that the Grantor, or its designated agent which may include it's external auditors, may inspect, upon reasonable notice, the Grantees' premiscs,facilities, or the project site where the funds are utilized, along with the records of receipts and expenditures involving the grant award. The Grantee shall make all related records available to the Grantor upon request at all reasonable times.
(c) Reporting:
The parties agree that the Commission will provide a quarterly written status report to Grantor about the projects progress, and will also provide a completed final grant report in a form to be provided by Grantor, within 60 days after completion of the project.
(d) Intended Use:
The parties agree that the funds distributed under the terms of this agreement must be used in support of the project described above in paragraph (1) If the Grantee fail to complete the project, Grantor is relieved of any future obligation to fulfill its commitment to pay any unpaid installments that remain at the time the project is abandoned.
"However, if the project is completed by entities other than the Commission of the YMCA," then Grantor, at its option, may elect to transfer its obligation to fulfill the balance of payments due Grantor, at it's option, may elect to transfer its obligation to fulfill the balance of payments due under this grant award to the entity that assumes responsibility for completion of the project.
3. Requirements of Grantees:
(a) Pledge:
Grantor acknowledges that sufficient unrestricted funds shall be set aside in support of this project and designated as restricted on its books for the balance of the 20-year term or until all payment obligations under this Agreement have been satisfied in full. The Grantor may at its option designate a third party depository to hold these funds in escrow for their purpose; however, the failure to establish a seperate escrow arrangement is not intended to relieve the Grantor of its obligation to satisfy this grant. The Grantor intends to provide sufficient security so that the Grabtee satisfy any requirements from outside commercial lenders, if additional funds are borrowed to build the project, or if additional funds are obtained lenders, if additional funds are borrowed to build the project, or if additional funds are obtained through the issuance of taxable or tax exempt bonds. Grantor will use its best efforts to assist the Commission with those processes, or the assignment of this Agreement, if requested to do so.
(b) Assignment:
The parties acknowledge that the Commission may assign some or all of its rights to receive the installments under this Agreement to another related entity such as the New Albany Redevelopment Authority, without altering any of the terms and conditions of this agreement.
