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0 <br />THIS AGREEMENT is entered into this _ day of , 2004 by and <br />between the CITY OF CHARLOTTESVILLE, VIRGINIA, a Virginia municipal corporation <br />(the "City's and the COUNTY OF ALBEMARLE, VIRGINIA, a political subdivision of the <br />Commonwealth of Virginia (the "County")Oointly the "parties'). <br />WITNESS: <br />VVMREAS, the parties have agreed to purchase certain property, located in the City of <br />Charlottesville and more particularly described in the attached Exhibit A, to be utilized in <br />connection with the operation of Court Facilities by the City and County (the "Property'D and for <br />other purposes which may be agreed to by the parties; <br />NOW, THEREFORE, in consideration of the mutual premises and covenants contained <br />herein, and as authorized by the J&AR Court Agreement, the parties hereby agree as follows: <br />1. The costs of acquisition of the Property shall be shared equally by the City and County, <br />including the purchase price and any closing costs or fees associated with the purchase, <br />provided that the party procuring any services or incurring such expense shall provide to <br />• the non -procuring party an estimate or statement of such expense in advance for the prior <br />review and approval of said non -procuring party. <br />2. All revenues generated each year by the use of the Property, including but not limited to <br />revenue from parking and other leases of the Property by third parties,. shall be allocated <br />as provided in this paragraph. The following shall be deducted from annual gross <br />revenues: (a) With respect to any portions of the Property devoted to non-govemmental <br />uses, City real estate taxes that are not otherwise the responsibility of a Tenant under a <br />written lease agreement, and (b) any Expenses referenced in Section 3, below, that are <br />required to be shared equally by the parties. The term "Net Revenues" shall refer to the <br />revenues remaining after deduction of the items referenced in (a) and (b) from annual <br />gross revenues. For the purposes of this section, the term `real estate taxes" shall mean <br />and refer to real estate taxes lawfully assessed and required to be paid pursuant to <br />Virginia Code § 58.1-3203 or §58.1-3603. Any future lease(s) of the Property, or any <br />portion thereof, to a taxable third party shall require the tenant to pay any applicable real <br />estate taxes on the leasehold interest or to reimburse the parties hereto for any taxes paid <br />pursuant to Virginia Code §58.1-3603. On or before July 15 of each year, each party <br />shall receive an amount equal to one-half of Net Revenues, less and except any Expenses <br />for which that party is individually or otherwise responsible under Section 3, below. <br />3. Capital and operational costs, including, without limitation: maintenance, insurance, <br />utilities, property management services, etc. (individually and collectively, "Expenses") <br />shall be allocated as follows: <br />0 <br />