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MEMORANDUM OF UNDERSTANDING <br />THIS MEMORANDUM OF UNDERSTANDING ("MOU") is entered into this eQO dayof <br />2012 by and between Chatham County Economic Development <br />Corporation, a North Carolina nonprofit corporation ("EDC") and Lee County, a political subdivision <br />of the State of North Carolina and a body politic and corporate (the "County"), each singularly <br />referred to as a "Party" and cumulatively referred to as the "Parties." <br />RECITALS: <br />A large mega site (the "Site"), as more fully described in the Cooperative Marketing <br />Agreement between EDC and NAI Carolantic Realty, Inc. ("Carolantic"), which is at Attachment A <br />(the "Agreement"), has the potential for substantial positive economic development impact on the <br />County. EDC has entered into the Agreement with Carolantic, for Carolantic to undertake <br />marketing efforts intended to attract sizeable recruitment prospects to the Site. Because of the <br />substantial positive economic development impacts the County will realize from the spin off effects <br />of companies locating on the Site, the County finds that it would be advantageous to contribute <br />funds to the EDC to support the cooperative marketing efforts of the EDC with Carolantic. <br />Consequently, the Parties enter into this MOU to provide for the terms of this financial support. <br />NOW THEREFORE, for and in consideration of the mutual covenants and promises <br />contained herein, the value and sufficiency of which is acknowledged by the Parties to this MOU, the <br />Parties agree as follows: <br />1. Financial Contribution. Contemporaneously with the execution of this MOU, the <br />County is providing to EDC funds in the amount of sixty thousand dollars ($60,000.00) in the fiscal <br />year 2016-2017 and another sixty thousand dollars ($60,000.00) in the fiscal year 2017-2018 for a <br />total contribution of one hundred and twenty thousand dollars ($120,000.00). Those funds will be <br />maintained in a separate line item of EDC and disbursed to Carolantic as provided for in the <br />Agreement. <br />NPRAL1:783664.1-TBF-(EPEARSON) 900000-02216 <br />