AG 2009 12 21 - Laserfiche WebLink

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Memorandum of Understanding ("MOU") Char/otte Motor,Speedway, LLC and North Carolina Department of Transportation I. Background The North Carolina Department of Transportation, an agency of the State of North Carolina ("NCDOT"),builds and maintains North Carolina's State roads and highways. In an effort to improve pedestrian and vehicular safety and efficiency of traffic flow on Morehead Road east of the intersection of Morehead Road and US Highway 29 in Cabarrus County, NCDOT desires to realign the segment of Morehead Road adjacent to the southern end of the major racing facility of Charlotte Motor Speedway, LLC ("CMS"). CMS desires that Morehead Road be realigned as well. This will provide major benefits of improved safety and convenience. CMS owns the land currently located on either side of Morehead Road east of its intersection with US Highway 29 at the southern end of CMS's major racing facility. To facilitate the realignment of Morehead Road, on or about , 20~ CMS will convey to NCDOT by North Carolina Special Warranty Deed fee simple title to an agreed upon portion of its property, as more particularly described on Exhibit A attached hereto and incorporated herein by this reference (the "New ROW"), upon which NCDOT will construct the realigned right of way for Morehead Road. The current location of the right of way of Morehead Road adjacent to CMS's major racing facility, as more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the "Old ROW"), will be abandoned by the NCDOT when construction of the New ROW is completed and public utilization of the New ROW has begun, but in no event later than _, 20_ (the "Abandonment Date"). Upon abandonment of the Old ROW and in exchange and as consideration for the New ROW conveyed by CMS to NCDOT, NCDOT will convey to CMS by North Carolina Special Warranty Deed fee simple title to that portion of the Old ROW that is owned by the NCDOT in fee simple, and title to that portion of the Old ROW currently held by NCDOT in the form of a right of way or an easement will also be conveyed by NCDOT to CMS except to the extent such right of way or easement reverts to CMS by operation of law. II. Purpose of this Memorandum The purpose of this Memorandum is to describe the mutual goals and responsibilities with regard to the improvements to that certain portion of Morehead Road running through CMS' property near the US Highway 29 intersection. Furthermore, this Memorandum sets forth the agreement between NCDOT and CMS whereby CMS and NCDOT will exchange certain real property as follows: (i) CMS will convey to NCDOT by North Carolina Special Warranty Deed fee simple title to the New ROW and (ii) NCDOT will convey to CMS by North Carolina Special Warranty Deed fee simple title to that portion of the Old ROW currently owned by NCDOT in fee simple upon completion of the construction of the New ROW and commencement of its public utilization, but in no event later than the Completion Date, and NCDOT will convey to CMS title to that portion of the Old ROW held by NCDOT as a right of way or easement, except to the extent such right of way or easement reverts to CMS. F-2 Attachment number 1 Page 51