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24 THIS AGREEMENT is made and entered into the 17th day of August, 1998, by and among the City of Kannapolis (the "City"), County of Rowan and the County of Cabarrus (collectively the "Counties"). WITNESSETH: WHEREAS, Cabarrus County and Rowan County are tenant in common owners of certain real property located in Rowan County acquired for the purpose of establishing a jointly owned park serving the northern Cabarrus and southern Rowan citizens, said property being more particularly described in Deed Book 610 at page 424, Deed Book 681 at page 484 and Deed Book 820 at page 613, Rowan County Registry, said property being collectively referred to as the "real.property"; and WHEREAS, in January of 1981, the Cabarrus County Board of Commissioners and the Rowan County Board of Commissioners entered into an agreement creating a joint park commission known as the Cabarrus-Rowan Park Commission; and WHEREAS, in January of 1981, the Counties established Bakers Creek Park (the "Park") at the real property site described hereinabove; and WHEREAS, in May of 1986, the City of Kannapolis and the Counties established a funding process among the Counties and the City for the Park's operating budget in accordance with the formula established therein; and WHEREAS, it is the intent desire of the Counties and the City to enter into an agreement which would provide for the transfer of ownership of the Park to the City and provide a process for the reduction of budget funding by the Counties on the schedule established herein. NOW, THEREFORE, upon valuable consideration and upon the premises contained herein, the parties agree as follows: Section 1. Operation of the Park. Except as otherwise provided herein, the City of Kannapolis does hereby assume sole and exclusive operation of the Park in accordance with the terms, conditions, schedules and warranties of this agreement. Section 2. Continued Funding. The Counties shall continue to fund the park in such amounts and for such periods as follows: (a) Rowan County. Rowan County shall appropriate and contribute the sum of $21,918.00 for the fiscal year 1998-1999 operating budget of the Park. Thereafter, Rowan County shall have or assume no other obligation relating to the Park, its facilities or operations except as may be otherwise approved by the County. (b) Cabarrus County. Cabarrus County shall appropriate and contribute to the annual operating budgets as follows: (1) fiscal year 1998-1999 ...... $48,850.00 (2) fiscal year 1999-2000 ...... $32,567.00 (3) fiscal year 2000-2001 ...... $16,284.00 Thereafter, Cabarrus County shall have or assume no other obligations relating to the Park, its facilities or operations. Section 3. Transfer of Title. Within sixty days following execution of this Agreement, the Counties shall execute such deeds for the real property and such other personal property transfer documents as are necessary and appropriate for the transfer of fee simple title to the Park, its facilities and related personal property, free and clear of all liabilities, claims, obligations, security interests and encumbrances. An inventory of the personal property transferred pursuant to this Agreement is attached hereto as Exhibit Section 4. Lead Agency. From after January 1, 1999, the City shall act as the lead agency for the management and operation of the Park which activities shall include but shall not be limited to the following: (a) Act as the Park's purchasing agent for all purchases. (b) Provide accounting and other fiscal control in compliance with accounting procedures stipulated in North Carolina General Statutes Chapter 159. (c) Provide an annual audit of the Park's budget and expenditures as required by the North Carolina Local Government Commission. (d) Provide or perform such other services and activities as the City and Cabarrus County may agree. Section 5. Park Commission. Following transfer of title as specified in Section 3 the Counties shall take such action as is necessary to terminate the Cabarrus-Rowan Park Commission. Section 6. Warranty. Effective from and after transfer of title as specified in Section 3, the City warrants that the continued use of the Park shall be in compliance with the provisions of the Land and Water Conservation Fund Program, project numbers 37-00799 and 37-00940; and the North Carolina Parks and Recreation Trust Program, project number 97-23. Provided, however, in the event this agreement or the property transfer contemplated herein are not authorized by the United States Secretary of the Interior, and/or by such other federal, state and local entities which may have jurisdiction, then this agreement shall be void and of no further force or effect.