Yes, keep your grades up because they could pull your scholarship. Not to mention, the college you go to will likely want to see your grades as well. I would imagine unless you completely slack off you would be okay.
You will have about two to three weeks to make your decision. At least that's what my son had.
You will get a letter in a brown envelope that explains it all. There will be a deadline to respond to the offer and your schools that they are offering will be listed. You also must choose what school you wish to attend.