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C <br />E <br />of a proposed sale to a third party shall be subject to the prior approval of the governing <br />bodies of the City and County. <br />a. In the event of a sale of any interest in the Property by one party to the other <br />under this section, each party shall bear its own costs and expenses associated <br />with such sale, except for the cost of the independent appraisal. <br />b. In the event of a sale of any interest in the Property to a third party, the parties <br />shall share equally all costs and expenses associated with such sale. <br />7. At any time, by mutual agreement, the parties may sell the Property to a third party. In <br />the event the parties mutually agree to sell their respective interests in the Property to one <br />or more third parties, the City and County shall each receive one-half of the net proceeds <br />of the sale, <br />8. The City shall serve as the Fiscal Agent for the parties under this Agreement, and shall be <br />entitled to a fee for this service, in an amount equal to two percent (2%) of Annual Gross <br />Revenues from the Property. The City shall maintain accurate books and records of <br />revenues and expenses attributable to the Property, and shall provide a comprehensive <br />annual financial report (CAFR) to the County, <br />9. Liability for damages to third parties arising out of the parties' ownership, use, or <br />occupancy of the Property (except with respect to any portion of the Property used or <br />occupied solely by one of the parties, its officers, officials, employees, agencies, etc.) <br />shall be shared jointly, to the extent not covered by insurance proceeds, and only to the <br />extent that the City and County could each be held liable for such damages under the <br />laws of the Commonwealth of Virginia. <br />WHEREFORE, the parties hereto have executed this Addendum, as authorized by their <br />respective governing bodies, as of the day and year set forth above. <br />OF ALREMARLE <br />W, Tuckcr,Zrr,, Count}% <br />Approved as to form: <br />..unIvlorney or his designee <br />CITY OF CHARLOTTE5VMLE <br />Gary O'Connell, City Manager <br />Approved as to form: <br />City Attorney or his designee <br />