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1 ! <br /> • 9 <br /> 7.08 Compliance with Law. The Lendee agrees to conduct the Loan Project in <br /> compliance with all applicable provisions of federal, state, and local laws. <br /> 7.09 Permits and Approvals. The Lendee is responsible for obtaining all local and state <br /> permits, licenses, and authorizations necessary for the Loan Project. <br /> 7.10 Personal Property Management. Title to all personal property acquired with loan <br /> or matching funds will remain with the Lendee during the Project Activity Period. Accordingly, <br /> the Lendee will take reasonable measures to protect and defend its title interest and will keep the <br /> personal property free and clear of any liens, encumbrances, or other claims. The Lendee must <br /> maintain property records that include, at a minimum, a description of the property, a serial or <br /> other identification number, the acquisition date and cost, and the location, use, and condition of <br /> the property. In the final report required by paragraph 5.01, the Lendee will include a list of all <br /> personal property acquired with loan and matching funds which was not expended in performance <br /> of the Loan Project. At the end of the Project Activity Period, the Lendee agrees to transfer title <br /> to all personal property acquired in whole or in part with loan funds and not expended in the <br /> course of the Loan Project to the Council, at the Council's option and at no charge. The Council <br /> reserves the right to direct appropriate disposition of all personal property, acquired in whole or in <br /> part with loan funds, which has not been expended in performance of the Loan Project. <br /> • During the Project Activity Period, the Lendee bears the risk of loss of damage to, or <br /> destruction of any personal property acquired with loan or matching funds. No such loss, <br /> damage, or destruction will relieve the Lendee of its obligations under this agreement. The <br /> Lendee agrees to maintain personal property acquired with loan or matching funds in good <br /> operating order. If, during the Project Activity Period, any project personal property is not used <br /> in performing the project, whether by planned withdrawal, misuse, or casualty loss, the Lendee <br /> will immediately notify the Council's Loan Manager. Unless otherwise approved by the Council's <br /> Loan Manager, the Lendee will remit to the Council a proportional amount of the fair market <br /> value of the item(s), if any, determined on the basis of the proportion of Council loan funds used <br /> to acquire the item(s). <br /> 7.11 Effect of Project Closeout. The Lendee agrees that project closeout does not <br /> invalidate continuing obligations imposed on the Lendee by this agreement. Project closeout does <br /> not alter the Council's authority to disallow costs and recover funds on the basis of a later audit or <br /> other review, and does not alter the Lendee's obligation to return any funds due to the Council as <br /> a result of later refunds, corrections, or other transactions. <br /> • <br />