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54 <br /> Attachment 7 <br /> MEMORANDUM OF UNDERSTANDING ("MOU") <br /> between <br /> ORANGE COUNTY <br /> and <br /> TOWN OF CARRBORO <br /> The Parties acknowledge that the facility is subject to the Declaration of Covenants, <br /> Conditions, and Restrictions and related Bylaws governing the Drakeford Library Complex <br /> Condominium. This MOU supplements those documents by outlining operational <br /> responsibilities and procedures specific to the joint use of the facility. In the event of a <br /> conflict, the Parties will confer in good faith to align this MOU with the Condominium <br /> Documents while preserving its operational intent. <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. This Memorandum of Understanding is to supplement <br /> those terms and conditions in the "Declaration of Covenants, Conditions, and Restriction of <br /> 203 South Greensboro Street Project, A Condominium"which have been duly recorded with <br /> the Orange County,NC, Register of Deeds. In particular, this MOU is intended to define and <br /> delineate roles and responsibilities, outline communication, financial, and other expectations <br /> of the parties use of the facility located at 203 South Greensboro Street, Carrboro,NC <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 and Orange County jointly own the property consisting of 0.883 acres, more or less, <br /> surveyed as "Fakhoury Property"per"Recombination Map of Fakhoury Property" surveyed <br /> by Kenneth Close, Inc. recorded in Plat Book 94, Page 24, Orange County Registry, the same <br /> being assigned PIN: 9778-85-7932. A Declaration of Covenants, Conditions and Restrictions <br /> has been filed with the Register of Deeds and is located under INSERT INFO HERE <br /> IV. EXECUTIVE COMMITTEE <br /> 1.) The Executive Committee, as discussed in the Declaration of Covenants, Conditions and <br /> Restrictions, consists of the Town Manager and the County Manager. The Executive <br /> Committee will establish and appoint members to a committee known as the Drakeford <br /> Facility Operations Committee, who will be responsible for the daily operations of the <br />