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hereto (the #Parties"). Except as provided herein, the Parties shall not he
<br />hound by any agreement until a mutually acceptable BA is approved and
<br />executed by the governing body of the City, County, Tourism Authority and by
<br />the Developer.
<br />
<br />I. TH~ PA~TIES, TEP~ AND NOTICES.
<br /> A. City.. The City is a municipal corporation of the State of North
<br />Carolina located in Cabarrus County, North Carolina. The office of the City
<br />is located at 26 Union Street, South, Concord, North Carolina 28026. The
<br />principal officer of the city for puz~oses of receiving .communications,
<br />facilitating approvals and negotiating the BA is W. Brian Hiatt, City
<br />Manager, telephone (704) 789-2S00~ facsimile (704} 786-7068.
<br />
<br /> B. Developer. Developer is a Revocable Trust existing under the laws of
<br />the State of Missouri, together with such other investors, partners or
<br />affiliates as Developer deems necessary for the Project. Developer has
<br />extensive experience in developing hot~ls and conference centers throughout
<br />the United States. The principal official of Developer for the purpose of
<br />receivin~ c~ications, fauilitating approvals and negotiating the BA is
<br />John Q. Ha~ons, Trustee, telephone (417) 864-4300 facsimile (417) 864-8900.
<br />
<br /> C. County. Cabarr~s County is a political subdivision of the State of
<br />North Carolina. The office of the County ia located at 65 Church Street,
<br />S.E., Concord, North Carolina 28025. The principal officer oS the County for
<br />purposes of receiving communications, facilitating approvals and negotiating
<br />the BA is Frank W. Clifton, Jr., County Manager, .telephone {704) 920-2100,
<br />facsimile (704} 920-2B20.
<br />
<br /> D. Tourism Authority. Cabarrus County Tourism Authority is a public
<br />authority created by local act of the North Carolina General Assembly, the
<br />govez~ning board of which is appointed by the Cabarruz County Board of
<br />Commissioners. The office of the Tourism Authority is located at 2391 Dale
<br />Earnhardt Boulevard, W~-apolis, North Carolina 2808~. The principal officer
<br />of the Tourism Authority for purposes of recei~ing communications,
<br />facilitating approvals and negotiating the BA ia Mark M..Shore, Executive
<br />Director, Cabarrus County Convention & Visitors Bureau, telephone (704)
<br />782-4340, facsimile [704) 782-4333.
<br />
<br /> B. Term of Memorandum of Understanding. Unless this MOU is terminated
<br />by one of the parties in the manner described herein, then from and after the
<br />City~s, County's, Tourism Authority~z and Developer's execution and delivery
<br />of this MOU ("the ~Delivery Date" being the last execution date), the Parties
<br />shall negotiate in good faith with the objective of a~reeing upon a mutually
<br />acceptable BA at the earliest practical date consistent with the terms and
<br />conditions of this MOU. If the Parties are unable to negotiate and execute a
<br />mutually a~reeable BA within ninety (90) days of the Delivery Date (unless
<br />extended in writing by mutual agreement of all parties) then any party may
<br />cancel this MOU after such 90 days by delivering written notice to the other
<br />parties, whereupon this MOU shall ter~Lnate and be of no further force or
<br />effect. Irrespective of the above, in the event that at any time prior to the
<br />execution of the BA, Developer elects not to proceed with the Project,
<br />Developer shall have the right to terminate this MO~ by deliverlng written
<br />notice thereof to the City, County and Tourism Authority.
<br />
<br /> F. Notices. Any notice, demand or other communication which may be
<br />desired or required pursuant to this MOU shall be in writing and shall be
<br />deemed given if and when personally delivered, or upon delivery if sent by
<br />facsimile with a confirmation of receipt, or on the third business day after
<br />being deposited in United States registered or Certified mail, postage
<br />prepaid, addressed to the City, County, Tourism Authority or Developer at the
<br />addresses set forth in Sections I.A., I.B., I.C., or I.D., respectively, of
<br />this MOU, or to such other addresses as the city, County, Tourism Authority
<br />or Developer may designate by notice.
<br />
<br />II. MA'&-&~RS TO BB INCLUDED IN BUSINESSAGP. EEF~NT
<br /> A. Development Approvals. The Parties acknowledge that certain
<br />development approvals may be necessary or desirable in connection with the
<br />development of the Project, including, without limitation, zoning amendments,
<br />special uses, perm/ts and other modifications to the existing approvals for
<br />the Project. City end County a~ree to use their Best efforts to promptly and
<br />diligently consider and process within their governmental discretion such
<br />zoning and Ocher development approvals required to facilitate the Project.
<br />Under the zoning ordinance of City, the Project is currently zoned
<br />(General Commercial Zoning}. To the extent permissible under North Carolina
<br />law, city and County will cooperate with and assist Developer in connection
<br />with the development of the Project including, but not limited to, using
<br />
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