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l3 <br /> MEMORANDUM OF UNDERSTANDING("MOU") <br /> between <br /> ORANGE COUNTY <br /> and <br /> TOWN OF CARRBORO <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 and use of that property located at 203 South <br /> Greensboro Street, Carrboro, NC, (sometimes referred to as the "Greensboro Street property" <br /> or"Property")to be used by Orange County (or the "County")and Town of Carrboro (or <br /> "Carrboro" or"Town")until a Declaration of Covenants, Conditions and Restrictions of 203 <br /> South Greensboro Street Project,A Condominium, (sometimes referred herein as <br /> "Declaration") 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 203 South Greensboro Street, Carrboro,NC until a Declaration of <br /> Covenants, Conditions and Restrictions and as set of plats and plans of 203 South <br /> Greensboro Street Project, A Condominium, can be developed and established. <br /> 2.) Temporarily outline communication,financial, and other expectations of the parties <br /> until a Declaration of Covenants, Conditions, and Restrictions of 203 South <br /> Greensboro Street Project, a Condominium, (sometimes referred to a"Declaration") <br /> is established. <br /> II. PARTIES <br /> The parties to this Memorandum of Understanding are: Orange County("the County") and <br /> Town of Carrboro (or"Carrboro'). <br /> III. BACKGROUND <br /> Carrboro currently owns all of that property consisting of 0.883 acres, more or less, surveyed <br /> as"Fakhoury Property"per"Recombination Map of Fakhoury Property"surveyed by <br /> Kenneth Close, Inc. recorded in Plat Book 94, Page 24, Orange County Registry,the same <br /> being assigned PIN: 9778-85-7932. <br /> The parties have planned, designed and constructed an approximately 65,000 gross square <br /> foot building, site improvements and associated parking including a multi-level parking deck <br /> on the Property, and wish to create condominium units or"units"as those are defined under <br /> the provisions the North Carolina Condominium Act and to convey the same to the Town <br /> and County subject to the covenants, conditions and restrictions to be kept and observed and <br /> that incorporate and reflect to the extent possible the terms and conditions of the Town and <br /> County executed Development Agreement Regarding South Greensboro Street Property <br /> dated the 4t"day of December, 2017, and any amendments thereto. <br /> Final Revision 12/15/24 <br />