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<br />• <br />STATE OF NORTH CAROLINA <br />ORANGE COUNTY <br />AGREEMENT REGARDING <br />OWASA SEWER SYSTEM <br />EXTENSION <br />THIS AGREEMENT REGARDING OWASA SEWER SYSTEM EXTENSION ("this <br /> <br />Agreement," "Agreement" or "the Agreement") is made and entered into this day of <br />2007 (the latest date on which is it signed by any of the parties to it), by and among <br />M/I Homes of Raleigh, LLC, a Delaware limited liability company ("M/I"), Priority <br />Development, L.P., a Delawaze limited partnership ("Priority") and Orange County, North <br />Cazolina, a body politic and corporate, a political subdivision of the State of North Carolina ("the <br />County"). <br />WHEREAS, M/I owns land located along and east of Old North Carolina Highway 86 <br />which land is particulazly identified as Orange County, North Cazolina PIN 9860-93-2325 and <br />which land M/I Homes intends to use for residential development purposes ("the M/I property"); <br />and <br />WHEREAS, Priority owns land south of and adjacent to the M/I property which land is <br />particularly identified as Orange County, North Carolina PIN 9860-92-6679 and which land <br />Priority intends to use for residential development purposes ("the Priority property"); and <br />WHEREAS, the County is the owner of land located north of and adjacent to the M/I <br />property which land is particularly identified as Orange County, North Cazolina PINS 9860-84- <br />3227, 9870-OS-3117, 9860-96-8068 and 9860-96-6793 and which property the County intends to <br />use for "Twin Creeks Park" and one or more public schools or other public school facilities; and <br /> <br />