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AGENCY AGREEMENT <br /> THIS AGENCY AGREEMENT is executed by and between the CABARRUC <br /> OUNTY BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, <br /> NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of <br /> the Constitution and laws of the State of North Carolina(the "County"); <br /> WITNESSETH: <br /> WHEREAS, the County has leased or will lease to the Board property for a proposed <br /> new high school which will lie on the real property described in Exhibit A hereto (the "Site"), <br /> together with any additions, modifications, attachments, replacements and parts thereof (the <br /> "Project"); and <br /> WHEREAS, all acts, conditions and things required by law to exist, to have happened <br /> and to have been performed precedent to and in connection with the execution and entering into <br /> of this Agency Agreement do exist, have happened and have been performed, in regular and due <br /> time, form and manner as required by law, and the parties hereto are now duly authorized to <br /> execute and enter into this Agency Agreement; <br /> NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE <br /> MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER <br /> VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS <br /> FOLLOWS: <br /> Section I. Board to Act as Agent of the County. <br /> The County hereby irrevocably appoints the Board as its agent in connection with any <br /> construction and other accomplishment of the Project. The Board, as the agent of the County for <br /> the foregoing purpose, shall cause the Project to be completed on or before the date or dates set <br /> forth in the respective construction documents and otherwise in accordance with the respective { <br /> construction documents and any applicable requirements of governmental authorities and law. <br /> The County and the Board agree that all amounts received by either of them as refunds of State <br /> of North Carolina sales tax with respect to expenditures made in connection with the Project will <br /> be deposited in the Acquisition and Construction Fund. <br /> To the extent permitted by law, the Board shall indemnify and save the County <br /> harmless against and from all claims by or on behalf of any person, firm, corporation or other j <br /> legal entity arising from the construction and other accomplishment of the Project;but the Board <br /> is not obligated to pay the Installment Payments under the Installment Agreement or to <br /> indemnify any party to the: Installment Agreement for any third-party claims asserted against <br /> any such party relating to the payment of such Installment Payments. The Board shall be notified <br /> promptly by the County of any action or proceeding brought in connection with any such claims <br /> arising from the construction and other accomplishment of the Project. <br /> Attachment number 1 \n <br /> F-1 Page 52 <br />