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31 <br /> 1 <br /> 2 5. The Parties agree that should the revenues discussed in Section 4 generated in <br /> 3 Orange and Durham counties be insufficient to meet each jurisdiction's share of <br /> 4 Costs, then neither party shall be obligated to use other revenues to pay its share of <br /> 5 Costs. <br /> 6 <br /> 7 6. In the event Capital Costs exceed the current estimated total of $1.378 billion, the <br /> 8 Parties agree to discuss a response to this situation. Such response may include <br /> 9 but not be limited to a schedule delay in one or more aspects of the LRT Project, a <br /> 10 reduction in the scope of the LRT Project, a combination of these measures, <br /> 11 discontinuation of the LRT Project, or other reasonable steps to mutually address <br /> 12 the increased Capital Costs of the LRT Project. <br /> 13 <br /> 14 7. TTA shall provide an annual report on the collection, allocation, and expenditure of <br /> 15 those funds to the governing boards of Durham and Orange. TTA shall provide to <br /> 16 the governing boards of Durham and Orange copies of its annual audit reports as <br /> 17 those reports are related to the collection of transit revenues in Durham County and <br /> 18 Orange County, including funds collected pursuant to NCGS Chapter 105 Article 43. <br /> 19 <br /> 20 8. Further, all of the Parties and any transit provider receiving funds pursuant to this <br /> 21 Agreement shall use the net proceeds to supplement and not to supplant or replace <br /> 22 existing funds or other resources for public transportation systems. The Parties <br /> 23 shall address this supplantation issue in each Party's Implementation Agreement. <br /> 24 <br /> 25 9. The Parties agree that Durham and TTA shall enter into an agreement pursuant to <br /> 26 NCGS 105-508.1(2) ("Durham Implementation Agreement"). <br /> 27 <br /> 28 10. The Parties agree that Orange and TTA shall enter into an agreement pursuant to <br /> 29 NCGS 105-508.1(2) ("Orange Implementation Agreement"). <br /> 30 <br /> 31 11. If, during the term of this Agreement, state and/or federal funds to be used for the <br /> 32 LRT Project are cancelled, terminated, withdrawn, or otherwise become unavailable <br /> 33 for the LRT Project, the Parties agree the funds generated by the sales tax levied <br /> 34 pursuant to NCGS 105-509 and any other funds collected for the LRT Project shall <br /> 35 be re-allocated through the process set forth in each Party's Implementation <br /> 36 Agreement and the reallocation of funds shall be incorporated into the BRI Plans. <br /> 37 <br /> 38 12. The term of this Agreement shall be from the date first above recorded to and <br /> 39 including June 30, 2035. Upon its expiration the Agreement may be'renewed upon <br /> 40 mutual agreement of the Parties for successive three-year terms. <br /> 41 <br /> 42 13. The Parties agree to review this Agreement and to make any needed modifications <br /> 43 to its terms not more than once every three years. <br /> 44 <br /> 45 14. The Agreement may be terminated upon mutual agreement of the Parties or by one <br /> 46 or more of the Parties upon a material breach by any of the Parties. In the event of <br /> 47 termination prior to the expiration of the original term, or any agreed upon extension <br /> 48 thereto, the Parties shall determine what obligations remain and how to equitably <br /> 49 distribute such obligations as they relate to the LRT Project. <br /> 50 <br />