Upon approval of an application by the Board, the applicant shall execute an agreement that, among other things, shall require the applicant to: Establish and operate the project according to the project description; Bind any successor in title for the life of the project; Maintain records as required by the Board; Allow the Board access to monitor the project to assure that the project is operated in accordance with this agreement; and Use the funds received from the Board for only those activities described in the project application. An applicant who is subject to stable licensing under COMAR 15.16.01 shall maintain a current stable license. Grant funds shall be distributed as follows: Upon execution of the agreement, the Board shall award the funds to the applicant; and Upon the project's completion, the applicant shall submit a final report which shall contain: An evaluation of the degree to which the project's objectives were met, as provided in Regulation .05A(6) of this chapter; An accounting of the disbursement of all funds, with an itemized list of costs associated with the project; and The date and the signature of the applicant certifying that the information presented is true and correct to the best of that individual's knowledge. The applicant's final report is subject to an audit by the Board.