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7 <br /> 1. TERM AND TERMINATION <br /> a. This Agreement shall commence upon execution by all Parties and shall <br /> continue until all reimbursements are paid in full with such payment in full <br /> occurring no later than June 30, 2025. <br /> b. The Original Agreement is hereby superseded and replaced by this <br /> Agreement. <br /> c. The Town of Carrboro shall provide payment to the County up to 14% of the <br /> current total project estimate, or $30,800, whichever is less, plus any <br /> financing costs (up to 3 percent annually) incurred by the County for the <br /> installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Carrboro's jurisdiction unless mutually agreed by both the Town of <br /> Carrboro and the County. These payments are for the installation of up to ten <br /> (10) LMI Heritage Lot Household sewer connections within the Town of <br /> Carrboro's jurisdiction. The Town of Carrboro shall, within thirty (30) days of <br /> receipt of a County generated invoice, reimburse the County for the Town of <br /> Carrboro's respective share of the total principal and interest associated with <br /> the installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Carrboro's jurisdiction. <br /> d. The Town of Chapel Hill shall provide payment to the County of up to 43% of <br /> the current total project estimate, or $94,600, whichever is less, plus any <br /> financing costs (up to 3 percent annually) incurred by the County for the <br /> installation of LMI Heritage Lot Household sewer connections within the <br /> Town of Chapel Hill's jurisdiction unless mutually agreed by both the Town of <br /> Chapel Hill and the County. These payments are for the installation of up to <br /> fifteen (15) LMI Heritage Lot Household sewer connections within the Town <br /> of Chapel Hill's jurisdiction. The Town of Chapel Hill shall, within thirty (30) <br /> days of receipt of a County generated invoice, reimburse the County for the <br /> Town of Chapel Hill's respective share of the total principal and interest <br /> associated with the installation of LMI Heritage Lot Household sewer <br /> connections within the Town of Chapel Hill's jurisdiction. <br /> e. If overall participation by LMI Heritage Lot Households exceeds the $220,000 <br /> pre-allocated by the County, the County will request additional funds and this <br /> Agreement will be amended so as to adjust Sections 1-4 accordingly, subject <br /> to funding availability and approval by governing boards of the Parties. <br /> f. This Agreement may be renewed or amended upon written agreement of the <br /> Parties. <br /> Page 4 of 10 <br />