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AG 2016 08 15
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AG 2016 08 15
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Last modified
8/16/2016 3:37:35 PM
Creation date
11/27/2017 10:34:33 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/15/2016
Board
Board of Commissioners
Meeting Type
Regular
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LEASE AGREEMENT <br />Re: 660 Concord Parkway <br />Concord, Cabarrus County, North Carolina <br />This Lease Agreement (the "Lease ") is made effective as of July 1, 2004, by and <br />between CABARRUS COUNTY, NORTH CAROLINA a political subdivision of the <br />state of North Carolina with its principle place of business at 65 Church Street, SE, <br />Concord, NC 28025 ( "Lessor ") and ROWAN- CABARRUS COMMUNITY <br />COLLEGE, a North Carolina non- profit corporation, whose principle address is 1531 <br />Trinity Church Road, Concord, North Carolina 28027(" Tenant"). <br />I. Description of Leased_ Premises Lessor hereby subleases to Tenant, "as is ", <br />approximately 10.96 acres and all improvements located thereon including without <br />limitation, a building of approximately 37,000 square feet and accompanying parking <br />spaces, all located at 660 Concord Parkway, Concord, North Carolina (the <br />"Premises "), The Premises are more clearly set forth in Exbibit A, attached hereto <br />and incorporated herein. The Premises contain the fixtures, improvements and other <br />real or personal property now installed on the Premises plus any future permitted <br />modifications, alterations and improvements thereto. <br />2. Lease Term The initial term of this Lease shall be for a period of twenty (20) years <br />beginning effective July 1, 2004 and continuing through June 30, 2024 (the "Initial <br />Term "), Provided Tenant is not in default hereunder and this Lease is not otherwise <br />terminated in accordance with the terms hereof, Lessee may, in accordance with the <br />terns set forth in this Lease: (1) extend the Initial Term of this Lease for a first renewal <br />term of five years beginning July 1, 2024 and continuing through June 30, 2029 ( the <br />"First Renewal Term "); and (2) extend the First Renewal Term for a second renewal <br />term of five years beginning July 1, 2029 and continuing through June 31, 2034 (the <br />"Second Renewal Tenn"); by providing Lessor with written notice of such extension at <br />least one hundred and eighty (180) days prior to expiration of the then current terns. The <br />First Renewal Term and the Second Renewal Term shall be subject to the same terms <br />and conditions set forth herein. Possession by Tenant after the expiration of this Lease <br />shall not be construed to extend the term hereunder, <br />3. Basic Resit Tenant shall pay the Lessor the rental sum of one dollar ($1.00) per <br />year, in advance. <br />4. Tenant Access To Premises. Except in the case of emergencies not within <br />Lessor's control, access to the Premises shall be provided to appropriate representatives <br />of Tenant at all times and at no additional expense, twenty four (24) hours a day, seven <br />(7) days a week, three hundred sixty five (365) days a year. Access to the Premises on <br />holidays and at times other than normal business hours shall be provided by key, card <br />access or other means acceptable to Lessor and Tenant. Lessor shall initially provide <br />Tenant with a sufficient number of keys, access cards or other devices needed to allow <br />Tenant and Tenant's employees such access. In the event Lessor changes the means of <br />Attachment number 3 <br />F -2 Page 80 <br />
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