The Board and the sponsor of a designated Rural Legacy Area shall execute a grant agreement. The sponsor shall comply with the terms of the grant agreement, carry out the Rural Legacy Plan, and adhere to regulations adopted by the Board. If a sponsor violates any provision of the grant agreement or ceases to meet the requirements of this subtitle, the Board may exercise any remedy provided by the agreement or by law. The sponsor shall submit to the Board for approval contracts for easement or fee estate acquisitions. The Board may accept a contract subject to approval by the Board of Public Works. Upon BPW approval, the State shall pay the sponsor for the acquisition. The sponsor shall submit an annual report to the Rural Legacy Board. The Board shall report to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly before November 1 of each year on: The financial status of the Program for the preceding fiscal year, including the amount of grants encumbered and disbursed; The number of applications received; The number and location of Rural Legacy Areas designated; and The Program’s progress in contributing to land preservation efforts.