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e) Good Faith. The parties mutually agree to deal in good faith one with the other in <br /> all respects in performing their duties under this Agreement. All actions <br /> recommended and implemented in the Plan will require joint approval by both <br /> Boards. <br /> 7. Entire Agreement. Except as otherwise provided in this Agreement, this Agreement contains <br /> the entire agreement between the parties. Amendments, if any, shall be in writing and signed <br /> by both parties. <br /> 8. Duration. This agreement shall be effective as of the above date and will expire June 30, <br /> 2014, unless terminated or extended as provided herein. Orange County and Durham County <br /> will discuss, prior to January 1, 2014, whether either county intends to assume or make other <br /> arrangements for operation of the Park upon the expiration of the term of this Agreement, or <br /> whether Orange County and Durham County desires to continue a contractual relationship <br /> for operation of the Park and upon what terms. In the event that this agreement has not been <br /> terminated, renewed or amended prior to the expiration date listed above, it will remain in <br /> effect until such time as both Boards have adopted a new agreement, but no longer than a 12 <br /> month period. <br /> 9. Termination. <br /> a) This agreement shall be subject to annual review and may be terminated at the <br /> end of the fiscal year upon one(1) year advance written notice by one party to the <br /> other party. <br /> b) Upon the expiration or termination of this Agreement, park amenities and the <br /> costs associated therewith will be distributed as follows: <br /> i) Real Property: The land shall continue to be owned as separate parcels with <br /> Orange County owning the 136 acres located in Orange County and Durham <br /> County owning the 255 acres located in Durham County. With respect to <br /> additional tract(s) acquired during the term of this Agreement and any <br /> extensions thereof, the additional tract(s) shall be owned in the manner <br /> acquired. <br /> ii) Costs of Improvements: The Counties agree to share equally in the value of <br /> the improvements made to the Park in the respective Counties, including but <br /> not limited to picnic shelters, campsite facilities,restroom structures, and the <br /> park caretaker residence. (For example, if the value of the improvements <br /> made to the portion of the Park which sits in Orange County equals $20,000 <br /> and the value of improvements made in Durham County equals $10,000, <br /> then Orange County will reimburse Durham County the set off amount of <br /> $5,000.) The value of said improvements shall be determined at the time of <br /> termination. <br /> iii) Grant Funds: The parties acknowledge that grant funding has and may be <br /> awarded to Durham and Orange Counties for the development of the Park. <br /> Page 7 of 10 <br />