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Little River Park Interlocal Agreement 9 <br />Draft #S - OS-15-03 <br />17. Termination. <br />a) This agreement shall be subject to annual review and maybe terminated at <br />the end of the fiscal year upon one (1) year advance written notice by one <br />party to the other party. <br />b) In the event Durham County and Orange County cannot agree on the Plan <br />or annual Budget as required by Sections 2 and 6 respectively, or any <br />other provision of this Agreement which requires approval from both <br />Boards, this agreement shall be terminated. <br />c) Upon the expiration or termination of this Agreement, park amenities and <br />the costs associated therewith will be distributed as follows: <br />i) Real Property: The land shall continue to be owned as separate <br />parcels with Orange County owning the 136 acres located in Orange <br />County and Durham County owning the 255 acres located in <br />Durham County. With respect to additional tract(s) acquired during <br />the term of this Agreement and any extensions thereof, the additional <br />tract(s) shall be owned in the manner acquired. <br />ii) Costs of Improvements: The Counties agree to share equally in the <br />value of the improvements made to the Park in the respective <br />Counties, including but not limited to picnic shelters, campsite <br />facilities, restroom structures, and the park caretaker residence. (For <br />example, if the value of the improvements made to the portion of the <br />Park which sits in Orange County equals $20,000 and the value of <br />improvements made in Durham County equals $10,000, then Orange <br />County will reimburse Durham County the set off amount of <br />$5,000.) The value of said improvements shall be determined at the <br />time of termination. <br />iii) Grant Funds: The parties acknowledge that grant funding has and <br />maybe awarded to Durham and Orange Counties for the <br />development of the Park. Orange County administers said grants and <br />shall continue to do so for the joint benefit of the Counties. Upon <br />termination, Durham County shall be reimbursed by Orange County <br />in an amount equal to 50% of the total grant funds received, not yet <br />expended and not subject to being returned to the granting authority, <br />which have been planned for expenditure on amenities situated or to <br />be situated in the Park. <br />iv) This Agreement shall survive termination for the purposes of <br />reconciliation or payment of any amount due and unpaid at the time <br />of termination. <br />