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BARROW HENLEY INVESTMENTS, LLC <br />April 11, 2o16 <br />Dear Sir: <br />SUBJECT: LETTER OF INTENT / 326 CORBAN AVENUE SE, CONCORD, NC <br />Barrow Henley Investments, LLC, would enter into a Land Lease for the above - referenced <br />Property subject to the following terms and conditions: <br />LESSEE: Cabarrus County Senior Center <br />LESSOR: Barrow Henley Investments, LLC <br />PROPERTY: 0.759 acre +/- lot, located at 326 Corban Avenue SE, Concord, NC. <br />LEASETERM: initial term to be Three (3) Years, with 6o day cancellation by either <br />party. <br />Two (2) additional Three (3) Year terms available at Lessee's option, <br />with go day notice. <br />LEASE RATE: Three Thousand Dollars ($3,000.00) per year for the first three years <br />of the lease, Three Thousand One Hundred Fifty Dollars ($3,150.00) <br />for the next three years, and Three Thousand Three Hundred Dollars <br />($33 for the next three years. <br />TAXES AND <br />INSURANCE: Lessor shall pay property taxes, and upon presentation of paid <br />receipts or other evidence of payment, Lessee shall reimburse <br />Lessor. <br />Lessee shall maintain liability insurance on the subject property and <br />name Lessor as an Additional Insured. <br />ADDITIONAL <br />CONSIDERATION: <br />Lessee agrees to provide Lessor a cross easement to the Senior <br />Center driveways in a mutually agreeable location in the event this <br />lease is cancelled or at the end of the lease. <br />EXPENSES: Lawrence Moseley, a NC licensed real estate broker, represents <br />Lessor in this transaction, and subject to separate agreement Lessor <br />shall pay any fees to Moseley. <br />CONTINUED ON NEXT PAGE <br />Attachment number 1 \n <br />F -4 Page 86 <br />