Orange County NC Website
Browse       Search
9 <br /> responsibilities established in the condominium documents. The Parties agree that <br /> the conversion of spaces in the parking lot to condominium ownership will include <br /> in the condominium documents language establishing appropriate easements for <br /> ingress, egress and access to and between the public right of way and all parking <br /> spaces and establishing rules and regulations concerning use, management and <br /> maintenance of parking spaces. The Parties agree that an adequate number of on- <br /> site parking spaces to be owned and paid for by each Party shall be available for the <br /> use of their staff and visitors during operating hours. This number of spaces will be <br /> determined during the permitting and design of the project. Each party shall be <br /> responsible for managing their condominium units unless the Parties mutually agree <br /> otherwise in writing. <br /> ARTICLE IV <br /> Allocation of Project Costs <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, and contingency costs shall be shared by the Parties in accordance with the <br /> Elements of Value, which is attached as Exhibit B to this Agreement. The Parties <br /> recognize and agree that some of these Values and the corresponding level of <br /> proportionality may not be finally established until after the majority of the design <br /> work is completed(and after this Agreement is executed). The Parties acknowledge <br /> that Exhibit B represents their general understanding of the cost sharing; however, <br /> the Parties agree to negotiate in good faith a fair and equitable share of all costs <br /> associated with this project as soon as possible after the Schematic Design work is <br /> completed. ORFD and the County shall share the cost of constructing the building <br /> on the Property in proportion to the amount of wholly controlled area they occupy <br /> in the building. It is anticipated these costs shall be allocated between the Parties as <br /> follows: Design fees, each party responsible for 50%; Site preparation, each party <br /> responsible for 50%; Construction, ORFD responsible for 58% and the County <br /> responsible for 42%. <br /> B. Site and Building Structure Construction Costs Site,building shell,core facilities <br /> (main utility services, delivery areas) and common area upfit costs are shared in the <br /> same manner as Pre-Development costs. Dedicated area upfit costs are the sole <br /> responsibility of the respective condominium owners. Traditional core facilities that <br /> provide service to individual or a sub-set of condominium owners will bear that <br /> cost. <br /> C. The parties will each be responsible for their own legal expenses incurred in relation <br /> to the Project. <br /> D. ORFD shall serve as fiscal agent for the property. Upon receipt of invoices, ORFD <br /> 7 <br />