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County hereby unqualifiedly approves of the NCDOT's proposed abandonment of the Old ROW <br />and further unqualifiedly approves of NCDOT's abandonment and proposed conveyance of the <br />Old ROW to CMS for CMS to own in fee simple and thereafter maintain solely for CMS's <br />purposes. <br />IV. Mutual Benefit; Fair and Adequate Consideration <br />NCDOT and CMS each acknowledge and agree that the transactions and conveyances described <br />herein are of mutual benefit to each of its organizations. Each also acknowledges and agrees that <br />the approximate fair market values of the New ROW and the Old ROW are substantially the <br />same. <br />V. Parties' Roles and Responsibilities <br />NCDOT shall: <br />a. Accept title to the New ROW in fee simple pursuant to a North Carolina Special <br />Warranty Deed executed by CMS; <br />b. Construct the improvements necessary to realign Morehead Road in the location <br />and in substantially the same design provided by Stantec Inc. and more <br />particularly set forth on Exhibit attached hereto and incorporated herein by this <br />reference; <br />c. Upon completion of the construction of the New ROW and the realignment of <br />Morehead Road, but in no event later than the Abandonment Date, cease using the <br />Old ROW and maintain and operate the traffic flow of Morehead Road entirely <br />within the New ROW; <br />d. Take all necessary steps to abandon the Old ROW in favor of CMS in full <br />compliance with North Carolina State law; <br />e. As soon as possible upon completion of the construction of the New ROW, <br />commencement of public utilization of the New ROW, the realignment of <br />Morehead Road and the abandonment of the Old ROW in favor of CMS, but in no <br />event later than the Abandonment Date, convey fee simple title to the Old ROW <br />to CMS by means of a North Carolina Special Warranty Deed and convey to <br />CMS title to that portion of the Old ROW held by NCDOT as a right of way or <br />easement, except to the extent such right of way or easement reverts to CMS; <br />f. Comply with all terms and conditions of the Construction Agreement (the <br />"Construction Agreement") to be entered into by NCDOT and CMS simultaneous <br />with the execution of this Memorandum. <br />CMS shall: <br />a. Convey fee simple to the New ROW to NCDOT by means of a North Carolina <br />Special Warranty Deed on or before _, 20_; <br />b. Accept title to the Old ROW in fee simple after the completion of the construction <br />of the New ROW and the realignment of Morehead Road, commencement of <br />public utilization of the New ROW and abandonment of the Old ROW by means <br />of (i) a North Carolina Special Warranty Deed executed by NCDOT in favor of <br />CMS and (ii) conveyance by NCDOT or operation of law, as applicable, after <br />completion of NCDOT's abandonment of the Old ROW. <br />c. Comply with all terms and conditions of the Construction Agreement. <br />F-2 <br />Attachment number 1 <br />Page 53 <br />