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® !v-sto <br /> NORTH CAROLINA SETTLEMENT AGREEMENT <br /> ORANGE COUNTY AND RELEASE <br /> This SETTLEMENT AGREEMENT AND RELEASE ( "Settlement <br /> Agreement" ) is entered into this 25th day of July , 1997 <br /> .among John G. McCormick ( "McCormick" ) , County of Orange <br /> ( "County" ) and Orange County Board of Adjustment ( "Board of <br /> Adjustment" ) . <br /> I . RECITALS. <br /> A. McCormick sought a variance for property which he owns <br /> that is located on Gaines Chapel Road near the intersection of <br /> Gaines Chapel Road and U. S. 70 . This property is hereafter <br /> referred to as "the property. " The property consists of three <br /> lots numbered 1, 2, and 3 on a subdivision plat recorded' in 1983 . <br /> These lots are shown on Exhibit A of this Agreement . The <br /> property is within the R-1 (Rural Residential) zoning district . <br /> Lots 1, 2 and 3 are smaller than the minimum required lot size of <br /> 40, 000 square feet . However, the lots do not have to meet the <br /> minimum lot size requirements of the Orange County Zoning <br /> Ordinance ( "the Zoning Ordinance" ) because they were created and <br /> recorded prior to 1984 when zoning regulations were applied to <br /> the vicinity of the property. They do, however, have to meet <br /> minimum setback requirements of the Zoning Ordinance. <br /> In 1975, the then-owner of the property, Andrew B. Lloyd, <br /> Jr. entered into and recorded a right-of-way agreement with the <br /> North Carolina Department of Transportation. Pursuant to the <br /> agreement, the right-of-way of Gaines Chapel Road was expanded <br /> 1 <br />