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ARTICLE I Definitions The definitions contained in the Agreement are amended as follows, and except as amended herein shall remain unchanged: "Development" means the planning, design and construction of the Facilities on the Property located at 203 South Greensboro Street in Carrboro~ "Facility" or "Facilities" means the improvements to be made at the Property pursuant to this Agreement. "Governing Body" means, with respect to the Town, the Town Council, and with respect to the County, the Board of County Commissioners. "Gross floor area" as used in this Agreement means the area of space within the building to be constructed on the Property occupied by each party to this Agreement, plus the proportional share of Common Areas attributable to each party (i.e., Common Areas shall be apportioned between the parties in proportion to the amount of "gross floor area" each occupies in the building or as otherwise determined and agreed to in writing by the Parties). The proportion of "gross floor area" occupied by each party shall be finally calculated upon completion of the construction plans for the Facilities to be constructed on the Property, and a written schedule (following in principle the Summary of Estimated Project Costs Exhibit C) signed by each party shall be attached to this Agreement as an Addendum at that time. "Project" means the planning, design and construction of an approximately 50,000 gross square foot building, site improvements, and associated parking spaces and/or structure with adequate capacity for the Project. Project characteristics will include sustainable design and operation elements consistent with the adopted facility development principles of the Board of Orange County Commissioners attached as Exhibit B. The Parties also agree to incorporate the principles of value engineering during the design and construction process, thereby ensuring efficient design and use of both the initial construction capital and ongoing operations capital. Upon completion of the Project, the parties will convert the Facilities to a condominium form of ownership to be governed by covenants adopted by mutual agreement of the Parties. "Shared Areas" are designated areas owned by one Party that may be reasonably offered for use by other Parties according to a mutual agreement. 2 DocuSign Envelope ID: ABDD54BF-241F-4DA3-B43E-EF395826BBFF