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utilized. <br />Durham County will enter into a Crrant Agreement which dictates the amount of the <br />Grant Funds awarded from Clean Water Management Trust Fund Grant (CWMTF) and <br />any conditions of said Grant. The distribution of Grant Funds shall be subject to the <br />Grant between Durham County and CWMTF, all Grant Funds shall be utilized pursuant <br />to the Grant. <br />5. Distribution and Ownershia of Proaerty. Pursuant to the Contract to Purchase, the <br />Property will be conveyed to Durham County upon closing. Immediately following the <br />closing between Durham County and Duke, Durham County agrees to convey, by Special <br />Warranty Deed, subject to section 7 below, portions of the Property as follows: <br />A. To Orange County: the 11 acres lying and being in Orange County. <br />B. To Chapel Hill: 2 acres which is proportionate to Chapel Hill's financial contribution <br />to Durham County of $100,000 calculated at $49,984 per acre, the appraised value of <br />the portion of the Property lying in Durham County, opined by Smith And Whitfield, <br />Inc. on March 24, 2005. Chapel Hill's portion shall be subdivided from Durham <br />County's parcel at the approximate location indicated on Attachment 1. <br />Each governing body holding ownership to the Property shall be liable for and shall <br />maintain the property in the manner consistent with the purpose of the conveyance unless <br />otherwise agreed. <br />6. The Penny Tract and Conservation Easements. <br />A. The Penny family has pledged to grant a conservation easement to Durham and <br />Orange Counties on additional land adjacent to the Penny Tract and the Property <br />(hereinafter the "Penny Conservation Easement") at no cost to the Counties. Pursuant <br />to the Grant Agreement, the Grant Funds are contingent upon the conveyance of the <br />Penny Conservation Easement(s). The portion of the Penny Conservation Easement <br />within Durham County will be owned and managed by Durham County and the <br />portion of the Penny Conservation Easement within Orange County will be owned <br />and managed by Orange County. <br />B. Orange County and Durham County shall cooperate to determine the boundaries of <br />the Penny Conservation Easement as it crosses the county lines. The Penny <br />Conservation Easement maybe conveyed by the Penny family to Durham and Orange <br />counties either as one easement or two. <br />C. The Penny Tract consists of 23 acres of land within Orange County owned by Wade <br />and Carolyn Penny abutting New Hope Creek. TLC has exercised its option to <br />purchase the Penny Tract and has agreed to sell it to Orange County who will then <br />own and manage it. <br />7. Master Park Planning. <br />Chapel Hill, Durham County, the City of Durham and Orange County hereby jointly <br />establish a Park Planning Advisory Committee ("Committee") for the Property and <br />Sofll <br />