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/~ <br />17. Termination. <br />a) This agreement shall be subject to annual review and may be terminated at <br />the end of the fiscal year upon one (1}year advance written notice by one <br />party to the other party. <br />b} TJn xhe event Durham County and Orange County cannot agree on the Plan <br />or annual- Budget as required by Sections 2 and 6 respectively, or any <br />other provision of this Agreement which requires approval from bath <br />Boards, this agreement shall be terminated. <br />c} Ugon the expiration or termination of this Agreement, park amenities and <br />the casts associated therewith will be distributed as follows: <br />i} Real Propertv: The land shall continue to be owned as separate <br />parcels with Orange County owning the 13b acres located in Orange <br />County and Durham County owning the 2SS acres located in <br />Durham County. With respect to additional tracts} acquired during <br />the term ofthis Agreement and any extensions thereof, the additional <br />tracts} shall be owned in the manner acquired. <br />ii) Costs of Imt~rovements: The Counties agree to share equally in the <br />value of the improvements made to the Park in the respective <br />Counties, including but not limited to picnic shelters, campsite <br />facilities, restraom structures, and the pazk caretaker residence. (For <br />example, if the value of the improvements made to the portion of the <br />Park which sits in Orange County equals $20,000 and the value of <br />improvements made in Durham County equals $10,000, then Orange <br />County will reimburse Durham County the set off amount of <br />$5,000.) The value of said improvements shall be determined at the <br />time ofterminatian. <br />iii) Grant Funds: The parties acknowledge that grant funding has and <br />may be awarded to Durham and Orange Counties for the <br />development of the Park. orange County administers said grants and <br />shall continue to do so for the joint benefit of the Counties. Upon <br />termination, Durham County shall be reimbursed by Orange Gounty <br />in an amount equal to 50°.% of the total grant funds received, not yet, <br />expended and not subject to being returned to the granting authority, <br />which have been planned for expenditure an amenities situated or to <br />be situated in the Park. <br />iv} This Agreement shall survive termination far the purposes of <br />reconciliation ar payment of any amount due and unpaid at the time <br />of termination. <br />Page 7 of 8 <br />