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November 19, 2007 (Regular Meeting) Page 619 As to the County: Cabarrus County, North Carolina P.O. Box 707 Concord, NC 28026 Attention: County Manager Any party may, however, at any time, change its address for notification purposes by giving to the other parties a notice in the manner herein provided stating the change and setting forth the new address. SECTION 9.4. Derivative and other Contracts. In the event the City proposes to enter into any derivative or other hedging contract with respect to the Bonds, it shall notify the County and offer the County the opportunity to participate or share in any payments made to the City in any such contract in proportion to the total debt service on the Bonds of each. If the County chooses not to participate in a derivative or hedging contract the County's obligations under Schedule A shall not be affected. SECTION 9.5. Headings. The headings appearing in this Interlocal Agreement are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope or intent of any article, section or paragraph of this Interlocal Agreement. SECTION 9.6. Counterparts. This Interlocal Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The signature of any party to any counterpart may be appended to any other counterpart. SECTION 4.7. Modification. (a) No change or modification of, or waiver under, this Interlocal Agreement shall be valid unless it is in writing and signed by duly authorized representatives of the City and the County. The total amount of Bonds to be issued may not exceed $166,400,000 unless the County consents to such larger amount. (b) The parties hereto agree to review this Agreement for possible modification of the provisions of Section 2.2(d)(ii)(B) relating to the Maximum County Contribution Amount prior to June 30 in the years 2015, 2023 and 2031. No modification will be made hereunder if there were payments made in the then current .fiscal year under the Minimum Assessed Value Agreement. In all other events, the City and the County agree to negotiate in good faith to reduce the Maximum County Contribution to the extent permitted under the Indenture and to the extent that a feasibility consultant agreed to by both parties certifies is reasonable in light of the history of Incremental Revenues. (c) In addition to other matters addressed hereunder, the City agrees not to increase the size of the Development Financing District without the consent of the County. SECTION 9.8. Effective Date. This Agreement shall not become effective until the date of issuance of any of the Bonds and its delivery by the County after review of the final form of the Indenture. The delivery of an executed copy hereof by the County at the closing of the Bonds shall constitute satisfaction of the requirement of such review. IN WITNESS WHEREOF, the parties hereto have caused this Interlocal Agreement to be duly executed and delivered as of the day and year first above written. CITY OF KANNAPOLIS, NORTH CAROLINA By:_ Mayor Attest: City Clerk [Seal] CABARRUS COUNTY, NORTH CAROLINA By: Chairman of the Board of Commissioners