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NORTH CAROLINA <br />MEMORANDUM OF UNDERSTANDING <br />CABARRUSCOUNTY <br />WHEREAS, this Memorandum of Understanding, made in duplicate original, <br />("Memorandum of Understanding") sets forth the mutual understanding between the <br />Boazd of Commissioners for Cabarrus County, North Carolina ("County") and the <br />NOLIM GROUP, S.A., d/b/a NOLIM GROUP, S.A., INC. ("Nolim") with respect to an <br />economic development grant for the sharing of costs of the extension of Fortune Avenue <br />located within the International Business Park of Concord, North Carolina, and the <br />appurtenant costs associated with the installation of stormwater drainage, potable water <br />lines, sanitary sewer lines and other infrastructure necessary to service commercial real <br />estate development along the Fortune Avenue extension; and, <br />WHEREAS, this Memorandum of Understanding constitutes a list and summary <br />of proposed principal terms and conditions that the parties generally intend to form the <br />basis of their eventual Contract; and, <br />WHEREAS, this Memorandum of Understanding is not based upon any binding <br />agreement that presently exists between the parties and it is not intended to impose any <br />obligation whatsoever on either party, except the mutual obligation to bargain with one <br />another in good faith and at arm's length; and, <br />~s - ~ <br />