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F. Upon approval of the construction documents and issuance of the necessary permits (the ''Building Permit(s)"), the Town will at a time reasonably agreed between the Parties begin construction of the Project. G. The Parties will finance their respective shares of the Project costs according to Exhibit C -Summary of Estimated Project Costs. The Town will arrange for construction financing of its proportional share of the estimated project costs (based on Exhibit ~), subject to Local Government Commission approval of the financing plan. The County shall finance its proportionate share of the project costs (based on Exhibit C) in such manner as may be detennined by the County. The County shall reimburse the Town for the County's share of the construction costs for the Project within thirty (30) days or presentation by the Tovvn to the Count of a vmtten request for payment pursuant to a schedule of progress payments to be established by the respective Finance Officers for the Town and the Collllty. H. The Town will contract with all necessary design, engineering and construction firms for any environmental remediation work related to the Property as required by NCDEQ. The Town is solely responsible for the cost of such environmental remediation work for remediation of any conditions existing on the Property prior to December 4, 2017. I. The Town will contract with professionals for the construction of the Project, using a legally permitted construction delivery method. Upon completion, the Facilities, including the Building and associated structured parking, may be subject to a new condominium declaration with terms mutually agreed upon by the Town and the County, pursuant to which the County will acquire a fee simple condominium interest in (i) the portion of the Building to be used as the Orange County Southern Branch Library and any other uses to which the County may put its portion of the Building and (ii) parking spaces required for such uses. J. The Town will enter into a construction contract for the work. K. No Changes. L. The Parties agree that the Town shall have the right in its sole discretion to lease, or subdivide and convey title to, those portions of the Property and any improvements thereon which are not conveyed to the County. M. As contemplated by this Agreement, upon completion of construction the building and parking facilities will be converted to condominium ownership, with the Town and the County each owning condominium interests in Building space and associated parking spaces (whether located in a parking structure or on the ground). As part of the condominium arrangement, the parties will also have an undivided interest in the Common Areas designated on the final plans, and which Common Areas will be subject to the rules, rights and responsibilities established in the condominium documents. The parties agree that the conversion of parking spaces in any parking improvement made as part of this Project to condominium 4 DocuSign Envelope ID: ABDD54BF-241F-4DA3-B43E-EF395826BBFF