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7. Water and Sewer Contract Modifications. <br /> <br /> (a) Rescission. Within fifteen (15) calendar days <br />of the execution of this Agreement, Concord and <br />Cabarrus County shall rescind the Water and Sewer <br />Contract by documentation satisfactory to counsel for <br />Concord and Cabarrus County. <br /> <br /> (b) Replacement Grant. Cabarrus County shall <br />make a grant to Concord replacing that set forth and <br />delivered to Concord pursuant to the Water and Sewer <br />Contract (the "Replacement Grant"). The Replacement <br />Grant amount shall be for $1.5 million plus all <br />interest accrued thereon but not yet paid over to <br />Cabarrus County. Concord shall continue to hold such <br />monies until the replacement grant is put into effect. <br />The replacement grant shall specify that it shall be <br />utilized only for construction of sewer interceptor <br />lines (and not for water lines) to the Kings Grant area <br />as more particularly described in the Water and Sewer <br />Contract to be rescinded. The form and content of such <br />replacement grant shall be as counsel for Concord and <br />Cabarrus County shall agree and it shall be accompanied <br />by an opinion letter from both counsel that it is <br />enforceable in accordance with its terms. The terms of <br />such replacement grant shall be finalized and approved <br />by Concord and Cabarrus County prior to the execution <br />of an instrument rescinding the disputed Water and <br />Sewer Contract; and <br /> <br /> (c) Assignment. Within ninety (90) days of the <br />establishment of the Authority outlined in Paragraph 4, <br />Concord shall assign all of its right, title and <br />interest in and to the replacement grant (including the <br />$1.5 million in grant money and any interest accrued <br />thereon not yet paid over to Cabarrus County) to the <br />Authority, and the Authority shall assume full <br />responsibility for performing the replacement grant in <br />the place and stead of Concord; provided that if, in <br />the interim, Concord shall have advertised for bids for <br />the construction of the Kings Grant sewer interceptor <br />identified in the Water & Sewer Contract, and within <br />sixty (60) days of the opening of the bids shall have <br />awarded a bid therefor, no such assignment shall occur, <br />but upon completion of such interceptor, Concord shall <br />transfer all its right, title and interest therein, <br />including all rights-of-way or easements therefor, to <br />the Authority. <br /> <br /> <br />