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<br /> <br />Page 4 of 10 <br /> <br />1. TERM AND TERMINATION <br /> <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 /> <br />b. The Original Agreement is hereby superseded and replaced by this <br />Agreement. <br /> <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 /> <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 /> <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 /> <br />f. This Agreement may be renewed or amended upon written agreement of the <br />Parties. <br /> <br /> <br /> <br />DocuSign Envelope ID: 6A765B18-7222-4240-AA94-EE24A3811D25