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4 <br /> The parties are in the process of drafting a Declaration of Covenants, Conditions and <br /> Restrictions and intend to file the same with the Orange County,NC Register of Deeds,under <br /> the provisions of the North Carolina Condominium Act(Chapter 47C,North Carolina General <br /> Statutes). Until said documents can be finalized,the parties hereby agree to the terms of this <br /> Memorandum of Understanding. <br /> IV. IT IS MUTUALLY UNDERSTOOD AND AGREED BY AND BETWEEN THE <br /> PARTIES THAT THIS MEMORANDUM OF UNDERSTANDING IS <br /> TEMPORARY IN NATURE AND THAT UPON RECORDATION OF THE <br /> DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS OF <br /> 203 SOUTH GREENSBORO STREET PROJECT,A CONDOMINIUM, <br /> REFERENCED IN THIS AGREEMENT, THE AGREEMENTS UNDER THIS <br /> DOCUMENT SHALL TERMINATE AND THE TERMS OF THE DECLARATION <br /> SHALL CONTROL: <br /> 1.) Action Items: <br /> a. Execute Declaration of Covenants, Conditions and Restrictions of 203 <br /> South Greensboro Street Project,A Condominium Adopt a Tenancy in <br /> Common Agreement consistent with this MOU; <br /> b. Record said Declaration of Covenants, Conditions and Restrictions of <br /> 203 South Greensboro Street Project,A Condominium,together with <br /> the Condominium Plats and Plans with the Orange County,NC <br /> Register of Deeds. <br /> 2.) County shall have unlimited access to that portion of the building shown on <br /> those sections marked on Exhibit 1 denoted as"County." <br /> 3.) Town of Carrboro shall have unlimited access to that portion of the building <br /> shown on those sections marked on Exhibit 1 denoted as "Town of Carrboro." <br /> 4.) Both County and Town of Carrboro shall have unlimited joint access to that <br /> portion known as the"Common Area"marked on Exhibit 1. <br /> 5.) Utilities for the entire building, including the two Units and Common Area or <br /> Common Elements will operate on one service meter for each separate utility <br /> serving the entire building. The County will be responsible for paying all <br /> single meter utilities for the building, including the Units and Common Area <br /> or Common Elements and then seek reimbursement at the agreed upon split, <br /> 55.48%for the County and 44.52%for the Town. In addition,the County <br /> shall be responsible for securing and maintaining the Custodial contract for <br /> the entire building, including Units and Common Areas or Common <br /> Elements. On a monthly basis, all costs incurred throughout the month will be <br /> totaled, and one request for reimbursement will be sent to the Town. <br /> Reimbursements should be paid through electronic funds transfer. All <br /> invoices that make up the total reimbursement request will be included as <br /> backup documentation. All charges will be billed at the split 55.58%County <br /> and 44.52%Town. <br /> 6.) The Town shall be responsible for the maintenance, repair and for <br /> contractually engaging all public Wi-Fi in Common Area or Common <br /> Element spaces and will be reimbursed by the County as set forth in Section <br /> Final Revision 12/15/24 <br /> I <br /> I <br />