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3 <br /> MEMORANDUM OF UNDERSTANDING ("MOU") <br /> between <br /> Orange County <br /> and <br /> Orange Rural Fire Department <br /> I. PURPOSE AND SCOPE <br /> The purpose of this MOU is to clearly identify the roles and responsibilities of each parry as <br /> they relate to the development, administration of the use of that property located at 350 <br /> College Park Road, Hillsborough,NC, (sometimes referred to as the "Waterstone property") <br /> to be used by Orange County and Orange Rural Fire Department(or"ORFD") until a <br /> tenancy in common agreement can be developed and established. <br /> In particular, this MOU is intended to: <br /> 1.) Temporarily define and delineate roles and responsibilities of each party use of the <br /> facility located at 350 College Park Road, Hillsborough, NC until a tenancy in <br /> common agreement is established. <br /> 2.) Temporarily outline communication, financial, and other expectations of the parties <br /> until a tenancy in common agreement is established. <br /> II. PARTIES <br /> The parties to this Memorandum of Understanding are: Orange County("the County") and <br /> Orange Rural Fire Department("ORFD"). <br /> III. BACKGROUND <br /> ORFD owns a tract of approximately 2 acres located within the Waterstone development. <br /> ORFD acquired this property in a deed of gift from the Town of Hillsborough on June 29, <br /> 2021. The deed is recorded in Book 6738, Page 676, Orange County NC Registry and has an <br /> address of 350 College Park Drive, Hillsborough, NC. This is known as "the Waterstone <br /> property." <br /> At the October 19, 2021, Orange County Board of County Commissioners meeting,the Board <br /> agreed to approve a Development Agreement between ORFD and Orange County regarding <br /> the Waterstone property. <br /> Under the terms of the Development Agreement, including,but not limited to those provisions <br /> of Article III, K of the Development Agreement, "upon completion of the construction the <br /> building and parking areas shall be converted to condominium ownership."(Emphasis added.) <br /> The project is complete, and, on consideration, the parties have mutually determined that they <br /> would prefer a tenancy in common form of ownership to a condominium. <br />