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22 <br /> 1 15.Any proposed material change to the Plan shall be effective only upon its approval <br /> 2 by each and every Party to this Agreement, namely the Orange BOCC,the DCHC, and TTA. <br /> 3 <br /> 4 16.Any proposed change to the Plan shall be deemed non-material unless it involves <br /> 5 one of the following: <br /> 6 <br /> 7 (A) An annual increase or decrease in total revenues from the Plan revenues <br /> 8 (sales tax revenues,vehicle registration fee revenues, and rental vehicle tax <br /> 9 revenues)of 5% or more;or <br /> 10 (B) An annual increase or decrease in the project capital cost(including <br /> 11 financing)of the LRT project in the Plan of 10%or more prior to entering <br /> 12 final design and 5%or more thereafter;or <br /> 13 (C) An annual increase or decrease in the overall project operating costs of the <br /> 14 LRT project in the Plan of over 5%or more; or <br /> 15 (D) An annual increase or decrease in the overall funds provided for bus service <br /> 16 in the Plan of 5%or more; or <br /> 17 (E) An annual increase or decrease in the funds provided to Orange, the Chapel <br /> 18 Hill/Carrboro/UNC Partnership, or TTA for bus service of more than 5%of <br /> 19 the amount provided in the Plan or more than $300,000,whichever is <br /> 20 greater. <br /> 21 <br /> 22 A proposed elimination or addition of any fixed guideway capital project shall be considered a <br /> 23 material change to the Plan. <br /> 24 <br /> 25 17.Any proposed change to the Plan that is deemed non-material shall be effective <br /> 26 only upon its approval by the Orange County Manager,the Planning Manager of DCHC, and the <br /> 27 General Manager of TTA. Any change whether material or non-material must be evidenced by <br /> 28 a written document signed by all Parties. <br /> 29 <br /> 30 18.The term of this Agreement shall be from the date first above recorded to and <br /> 31 including June 30, 2035. Upon its expiration the Agreement may be renewed upon mutual <br /> 32 agreement of the Parties. The Agreement may be modified as needed upon mutual agreement <br /> 33 of the Parties and may be terminated upon mutual agreement of the Parties or by either of the <br /> 34 Parties upon a material breach by the other Party. Any modification must be in the form of a <br /> 35 written agreement signed by all Parties. <br /> 36 <br /> 37 Understood and agreed to and effective as of the date written above, by: <br /> 38 <br /> 39 <br /> 40 Orange County <br /> 41 <br /> 42 <br /> 43 <br /> 44 <br />