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2 <br /> DUE DILIGENCE AUTHORIZATION AGREEMENT <br /> This Due Diligence Authorization Agreement (this "Agreement"), is made by and <br /> between Main Street Properties of Chapel Frill, LLC (hereinafter called "Main Street") and <br /> Orange County, North Carolina (hereinafter called "County"), for the purpose of authorizing <br /> County to commence certain due diligence on the project described below(the"Project"): <br /> WHEREAS, Main Street is the developer of a project located in central Carrboro known <br /> as "300 East Main" which is comprised of is a phased mixed-use development project offering <br /> dining, shopping, arts, a parking deck and hotel accommodations; and <br /> WHEREAS, Main Street has an option to purchase real property with an address of 120 <br /> Brewer Lane, Carrboro, North Carolina, and having Orange County PIN 9778-96-8060 (the <br /> "Property")which such option will be fully documented on or before the expiration of the Term; <br /> and <br /> WHEREAS, the Property is adjacent to 300 East Main, and <br /> WHEREAS, Main Street anticipates the Property will ultimately contain, among other <br /> improvements, a multi-story building anchored by a single or multiple users on the building's <br /> first floor located at Main Street elevation (the "First Floor") and approximately 4 floors of <br /> single family apartments located on the upper floors of the building; and <br /> f WHEREAS, the County has approved a set of guiding principles and a comprehensive <br /> site selection criterion for locating the Orange County Public Library-Southern Branch (the <br /> "Southern Library"); and <br /> WHEREAS, the County has identified the Property as a potential site for the Southern <br /> Library; and <br /> WHEREAS, the County and Main Street desire to provide for a period of mutual due <br /> diligence concerning the potential location of the Southern Library on the Property. <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions and other <br /> agreements set forth herein, the parties hereto agree as follows: <br /> 1. Intent to Negotiate Definitive Contract: <br /> The County and Main Street desire to enter into contract negotiations for the potential location of <br /> the Southern Library on the Property (the "Contract"). The scope and form of the Contract by <br /> and between Main Street and the County (i.e. contract for the lease of the First Floor either with <br /> or without an option to purchase; or purchase of a condominium interest(s) in the building to be <br /> constructed by either Main Street or the County on the Property, etc.,) is subject to future <br /> negotiation and any such agreement is conditioned upon the Parties' reaching a mutual written <br /> agreement on terms. <br /> 2. Due Diligence: <br /> Main Street grants County, its employees, agents, citizen committees, and contractors a right of <br /> entry onto and into the Property and the property upon which 300 East Main is located during the <br />