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197 ARTICLE I DEFINITIONS Ail capitalized terms used herein and not otherwise defined herein shall have the meanings specified as follows: (a) "Bonds" shall mean the Series 1993 Bonds and any Additional Bonds issued pursuant to the Indenture; (b) "Concord" shall mean the City of Concord, a municipal corporation of the State of North Carolina; (c) "County" shall mean the County of Cabarrus, a Political Subdivision of the State of North Carolina. ARTICLE II DEMISED PREMISES Section 2.01. LessorVs Demise. Upon the terms and conditions herein provided, the payment by the City of the rent hereinafter set forth, and the prompt material performance continuously by the City of each and every one of the covenants and agreements herein contained to be kept and performed by the City, the County does lease, let, and demise to the City, and the City does hereby lease from the County, the Demised Premises. Section 2.02. Title Exceptions. This Lease is subject to the following: (a) Conditions, restrictions, and limitations, if any, affecting the Demised Premises and now appearing of record, including, but not limited to, the finalization of that condemnation action entitled "Cabarrus County vs. Lois W. Smith," bearing File No. 91 CVS 73 in the office of the Clerk of Superior Court for Cabarrus County; (b) Zoning ordinances of the County, the State of North Carolina, and any other governmental body now or hereafter existing by reason of any legal authority affecting the Demised Premises during the term of this Lease; and (c) Any questions of survey as to the Demised Premises, the City having satisfied itself as to the boundary lines and contents of the Demised Premises and likewise having satisfied itself with the sufficiency of the CountyVs present title to the Demised Premises. Section 2.03. Conditions. This Lease is not binding upon the parties unless and until: (a) The Indenture has been fully executed and delivered; and (b) The proceeds from the sale of the Series 1993 Bonds have been delivered to the Trustee. ARTICLE III TERM Section 3.01. Commencement of Lease Term. The term of this Lease commences on February 1, 1993. Section 3.02. Termination of Lease Term. This Lease terminates on January 31, 2018. Section 3.03. Option for Additional Terms. It is agreed that, at the expiration of the initial term of this Lease, City shall have the right and option to renew this Lease for two (2) additional ten (10) year term(s) and, subsequently, one (1) additional five (5) year term. Each such renewal term shall commence as of the end of the current term of this Lease and shall be subject to and in accordance with all terms and conditions set forth in this lease, except as to term, and if City shall timely exercise such right as hereinafter provided, City shall continue to pay Rent as if the initial term of this Lease had included such renewal term. If City shall desire to exercise this right and option, it shall give County notice in writing not less than thirty (30) days prior to the expiration of the current term of this Lease. ARTICLE IV RENT Section 4.01. Rental Due Date. The rent (the "Rent") which the County hereby charges and which the City shall pay to the County for the leasing of the Demised Premises shall be One Dollar ($1.00): and the Rent shall be paid in a single payment of One Dollar ($1.00) which payment shall be due and payable on the date of the execution of this Lease by the City or within thirty (30) days thereafter. Section 4.02. Place of Payment. The Rent is payable at such place as the County may specify on the date of the execution hereof by the City. ARTICLE V ASSIGNMENT This Lease may not be assigned by either party without the other party's express written consent.