Each grantee shall, as a condition for the receipt of funds from the Job Opportunity Bank, enter into a grant agreement with the Director, the form and contents of which shall be specified by the Director, which shall at least contain the following:
(1) The name, address, and telephone number of any individual grant recipient;
(2) The name, address, telephone number, and identity of the corporate officers, principal owners, and registered agent of any incorporated grantee; and
(3) Acknowledgment by the recipient of the right of the Director to:
(A) Monitor expenditure of funds;
(B) Require reports from recipients regarding expenditures, progress, or performance in meeting identified benchmarks, and any other financial or operational information deemed necessary by the Director,
(C) Inspect the recipient’s records to obtain the identified information; and
(D) Acknowledgment by the recipient that the Director may curtail or cancel payment of funds from the Job Opportunity Bank if the recipient does not comply with the requirements of this section.