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13 <br /> improvements thereon which are not conveyed to the County for use as parking <br /> spaces and the Orange County Southern Branch Library. <br /> M. As contemplated by this agreement, upon completion of construction the building <br /> and parking garage shall be converted to condominium ownership,with the Town <br /> and the County each owning condominium interests in building space and <br /> associated parking spaces. This includes parking spaces in any constructed <br /> parking structure and ground spaces. As part of the condominium arrangement, <br /> the parties will also have an undivided interest in the Common Areas designated <br /> on the final plans, and which Common Areas will be subject to the rules, rights <br /> and responsibilities established in the condominium documents. The parties agree <br /> that the conversion of spaces in the parking deck to condominium ownership will <br /> include in the condominium documents language establishing appropriate <br /> easements for ingress, egress and access to and between the public right-of-way <br /> and all parking spaces and establishing rules and regulations concerning use, <br /> management and maintenance of parking spaces. The parties agree that in the <br /> event on-site parking spaces are constructed as part of the project an adequate <br /> number of on-site parking spaces will be owned and paid for by the County shall <br /> be available for use by Library patrons during normal Library operating hours. <br /> This number of spaces will be determined during the permitting and design of the <br /> project. These spaces will be made available to the Town while the Library is <br /> closed. All parking spaces will be considered flexible in use by both the Town <br /> and County so as to not cause unreasonable restrictions supporting Facility use by <br /> either the Town or County. The parties understand and agree that the Town will <br /> police and enforce all parking rules and regulations for the Facility. Moreover, if <br /> either party decides in the future to consider converting their parking spaces to <br /> paid parking, they will, prior to making a final decision to convert their spaces to <br /> paid parking spaces, discuss the issue with the other party. Each party shall be <br /> responsible for managing their condominium units unless the parties mutually <br /> agree otherwise in writing. Each party has the right to protect and isolate its <br /> parking (e.g. gated parking for continued free parking during library hours should <br /> paid parking be otherwise established)for the parties' sole use and interest. <br /> ARTICLE IV <br /> Allocation Of Project Casts <br /> The Parties shall share in the costs of the Project as follows: <br /> A. Pre-development costs, site improvement costs, building design and construction <br /> costs, construction administration costs, financing costs, and contingency costs <br /> shall be shared by the parties in accordance with the Elements of Value attached <br /> as Exhibit C to this Agreement. The parties recognize and agree that some of <br /> these Values and the corresponding level of proportionality may not be finally <br /> established until after the majority of the design work is completed (and after this <br /> Agreement is executed). The parties acknowledge that Exhibit C represents their <br /> general understanding of the cost sharing; however, the parties agree to negotiate <br /> 7 <br />