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Ll Ja3 <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 party 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 />