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NORTH CAROLINA CABARRUSCOUNTY LEASE THIS LEASE is entered into by and between CABARRUS COUNTY, NORTH CAROLINA, a public body politic and a political, subdivision of the State of North Carolina, as Lessor (the "County "), and the KANNAPOLIS BOARD OF EDUCATION, a body politic and school administrative unit duly organized and existing under the laws of the State of North Carolina, as Lessee (the "Board of Education "); WITNESSETH: The County and the Board of Education have previously determined to cooperate in a plan for the construction and financing of improvements upon real property for certain public school facilities which each has found to be necessary and desirable to provide for improved public education in the County. Included among such facilities are improvements to real property at a new middle school, which will lie on the property shown on Exhibit A (the "Site "). In furtherance of this plan of financing and to provide for improved public school facilities for County residents, the County proposes to lease the Site, and the Board of Education has determined to accept such lease. NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein contained, the parties hereto agree as follows: ARTICLE I DEFINITIONS; RULE OF CONSTRUCTION The following terms will have the meanings specified below, unless the context clearly requires otherwise: "Event of Default" means one or more events of default as defined in Section: 12.1. "Lease" means this Lease, as it may be duly amended. "Lease Term" means the term of this Lease as determined pursuant to Article IV. "Lease Year" means, initially, from March 1, 20116 through December 31, 2031, and thereafter, means the twelve -month period of each year commencing on January 1 and ending on the next December 31. "Board of Education Representative" means any of the person or persons at the time Attachment number 1 \n F -3 Page 59