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60 <br /> THE CONDOMINIUM AGREEMENT <br /> • The Condominium Agreement establishes: <br /> — The joint ownership of the facility through the recordation of the agreement and <br /> associated documents. <br /> — As documented in the building survey, the areas that will be separately owned as <br /> units and joint-ownership areas. <br /> — How the costs of the operation of the facility will be split between Orange County <br /> (53.6%) and the Town of Carrboro (46.4%) <br /> — The right of first refusal if either party wants to sell their stake in the building. <br /> — The Executive Board, whose only members are the Orange County Manager and <br /> the Town of Carrboro Manager. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />