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AGENCY AGREEMENT Re: New College THIS AGENCY AGREEMENT, effective December 14, 2015, is executed by and between the CABARRUS COUNTY BOARD OF EDUCATION (the "CCBOE "), and the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of the Constitution and laws of the State of North Carolina (the "County WITNESSETH: WHEREAS, the County owns title to the current site of Rowan - Cabarrus Business and Technology Center, as more particularly described in Exhibit A hereto (the "Site "), WHEREAS, the CCBOE is planning on constructing a New College facility on the Site (the "Project "); and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this Agency Agreement do exist, have happened and have been performed, in regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this Agency Agreement; NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: Section 1 CCBOE to Act as Agent of the County The County hereby irrevocably appoints the CCBOE as its agent in connection with the construction and other accomplishment of the Project. The CCBOE, as the agent of the County for the foregoing purpose, shall cause the Project to be completed on or before the date or dates set forth in the respective construction documents and otherwise in accordance with the respective construction documents and any applicable requirements of governmental authorities and law. The County and the CCBOE agree that all amounts received by either of them as refunds of State of North Carolina sales tax with respect to expenditures made in connection with the Project will be deposited in the New College project account as funds available for the construction of the Project. To the extent permitted by law, the CCBOE shall indemnify and save the County harmless against and from all claims by or on behalf of any person, firth, corporation or other legal entity arising from the construction and other accomplishment of the Project; but the CCBOE is not obligated to pay any obligation of the County under any financing arrangement obtained by the County for the Project or to indemnify any party to any such financing Attachment number 1 \n F -4 Page 55