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7. TTA shall provide an annual report on the collection, allocation, and <br />expenditure of those funds to the governing boards of Durham and Orange. <br />TTA shall provide to the governing boards of Durham and Orange copies of <br />its annual audit reports as those reports are related to the collection of transit <br />revenues in Durham County and Orange County, including funds collected <br />pursuant to NCGS Chapter 105 Article 43. <br />8. Further, all of the Parties and any transit provider receiving funds pursuant to <br />this Agreement shall use the net proceeds to supplement and not to supplant <br />or replace existing funds or other resources for public transportation systems. <br />The Parties shall address this supplantation issue in each Party's <br />Implementation Agreement. <br />9. The Parties agree that Durham and TTA shall enter into an agreement <br />pursuant to NCGS 105 - 508.1(2) ( "Durham Implementation Agreement ") <br />10. The Parties agree that Orange and TTA shall enter into an agreement <br />pursuant to NCGS 105 - 508.1(2) ( "Orange Implementation Agreement ") <br />11. If, during the term of this Agreement, state and /or federal funds to be used for <br />the LRT Project are cancelled, terminated, withdrawn, or otherwise become <br />unavailable for the LRT Project, the Parties agree the funds generated by the <br />sales tax levied pursuant to NCGS 105 -509 and any other funds collected for <br />the LRT Project shall be re- allocated through the process set forth in each <br />Party's Implementation Agreement and the reallocation of funds shall be <br />incorporated into the BRI Plans. <br />12. The term of this Agreement shall be from the date first above recorded to and <br />including June 30, 2035. Upon its expiration the Agreement may be renewed <br />upon mutual agreement of the Parties for successive three -year terms. <br />13. The Parties agree to review this Agreement and to make any needed <br />modifications to its terms not more than once every three years. <br />14.The Agreement may be terminated upon mutual agreement of the Parties or <br />by one or more of the Parties upon a material breach by any of the Parties. In <br />the event of termination prior to the expiration of the original term, or any <br />agreed upon extension thereto, the Parties shall determine what obligations <br />remain and how to equitably distribute such obligations as they relate to the <br />LRT Project. <br />Any amendment, renewal, or termination of this Agreement must be in the <br />form of a written instrument approved by the governing Boards of the Parties. <br />15. This Agreement shall be governed by and in accordance with the laws of the <br />State of North Carolina. All actions relating in any way to this Agreement <br />Page 13 <br />