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145 <br /> <br />Airport Project or other public use, (ii) site development costs, <br />clearing or other improvement costs to the Property;, and (iii) <br />legal, engineering, consulting or related costs and expenses <br />attributed to the implementation of such public use. <br /> c. The repurchase option right conveyed to ICV hereunder, <br />or otherwise, shall expired, terminate, lapse and be forever null <br />and void upon the first to occur of the following: (i) the thirtieth <br />(30th) day following the County's written notification to ICV <br />documenting Qualifying Expenses exceeding the sum of $500,000.00 or <br />(ii) the thirtieth (30th) day following the day of qualifying <br />written notice by ICV to the County of its intent to exercise its <br />repurchase option without having closed such repurchase transaction, <br />unless such failure to close arises due to failure upon the part of <br />the County. <br /> <br /> 2. Rights-of-Way and Easements. Subject to the written approval of any <br />and all applicable regulatory authorities supervising, funding or in any way <br />related to the construction and/or operation of the Airport Project, upon the <br />written request of ICV within three (3) years from the date hereof, the County <br />shall grant to ICV, its successors and assigns, the following rights-of- <br />way/easements in perpetuity along or across the Property, the location of which <br />shall not have a materially adverse effect upon the County's use of the Property <br />as determined by Buyer. <br /> <br /> a. A road right-of-way not to exceed sixty (60) feet in <br />width for ingress, egress and regress to and from the remainder of <br />the property of ICV, its successors and assigns, west of the <br />Property to and from the Airport Project to be constructed by the <br />County upon the Property; <br /> b. A waterline right-of-way easement not to exceed fifteen <br />(15) feet in width parallel to the road right-of-way described in <br />2(a) above, to which the County may tap on and connect to without <br />charge; and <br /> c. A sewer line right-of-way/easement not to exceed twenty <br />(20) feet in width: (i) along the Rocky River and (ii) in the low <br />lying area contiguous to the Interstate 85 right-of-way, to which <br />the County may tap on and connect to without charge. <br /> <br /> 3. Additional Consideration. The rights-of-way/easements and <br />repurchase rights hereinabove granted by the County to ICV shall be and <br />constitute additional consideration to ICV in excess of the purchase price paid <br />by the County to ICV for the Property and as a non-cash inducement to ICV for <br />the transfer of the Property to the County. It is reiterated and acknowledged <br />that: <br /> a. The election of ICV regarding rights-of-way and <br /> easements as identified in Paragraph 2 herein, or otherwise, shall <br /> survive for a period of no more than three (3) years from the date <br /> hereof, and if not exercised, shall terminate upon the third <br /> anniversary date of this Agreement; and <br /> b. Except as otherwise provided herein, the repurchase <br /> option and right of ICV in or to the Property, as identified in <br /> Paragraph 1 herein, or otherwise, shall survive for a period of no <br /> more than three (3) years and one hundred twenty (120) days <br /> subsequent to the date hereof, and if not exercised, shall <br /> automatically terminate upon such date. <br /> <br /> IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be <br />executed and sealed as of the day and year first above written. <br /> <br />ATTESTED: <br />By: <br /> <br />Clerk to the Board <br /> <br />CABARRUS COUNTY <br />BY: <br /> <br />Chairman of Board <br />of Commissioners of <br />Cabarrus County <br />INTERSTATE COMBINED VENTURES, <br />a joint venture partnership <br />By: <br /> <br />(SF. AL) <br /> <br />Lawrence E. McNair <br />General Partner <br /> <br /> <br />