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Environment Now Grant Agreement Page 3 [Continued[ Upon determination by EN that all "CONDITIONS PRECEDENT TO COMMENCEMENT OF PROJECT AND DISBURSEMENT" have been fully met, EN shall disburse to the grantee the invoiced amount. When 90% of the granted funds have been disbursed, the final 10% of the funding may be withheld pending satisfactory completion of the project. Disbursement of the final ten percent shall be made upon the grantee's satisfactory completion of the project to be determined by California Coastal Conservancy staff based on the goals and objectives set forth in the agreed upon work program. OPERATION AND MAINTENANCE The grantee shall maintain and operate the project throughout the term of this agreement, consistent with the purposes for which EN's grant to the grantee was made. The grantee assumes all operation and maintenance costs of these facilities and structures and that EN shall not be liable for any cost of such maintenance, management, or operation. The grantee may be excused from its obligations for operation and maintenance during the term of this agreement only upon the written approval of the Executive Officer. For purposes of this agreement, "operation costs" include direct costs incurred for material and labor needed for operations, utilities, insurance, and similar expenses. "Maintenance costs" include ordinary repairs and replacements of a recurring nature necessary to prolong the life of capital assets and basic structures, and the expenditure of funds necessary to replace or reconstruct capital assets or basic structures. MITIGATION The grantee shall not use or allow the use for mitigation (in other words, to compensate for adverse changes to the environment elsewhere) of any portion of real property on which the grantee has used EN funding for construction, without the written permission of the Executive Officer. All funds generated in connection with any authorized or allowable mitigation on the real property shall be remitted promptly to EN until EN has been fully paid for all of its past, present, and future costs with respect to the real property, including, without limitation, staff, planning, development, restoration, operation and maintenance, and monitoring costs, and acquisition costs at fair market value as of the time mitigation is to begin. Throughout the term of this agreement, EN shall have the right to inspect the project area, for the project undertaken under this agreement, to ascertain compliance with this agreement.