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<br />Drawn by & Return to: <br />Philip S. Runkel, Esq. <br />Womble Carlyle Sandridge & Rice, PLLC <br />3500 One Wachovia Center <br />301 S. College St. <br />Charlotte, North Carolina 28202 <br />MEMORANDUM OF LEASE <br />THIS MEMORANDUM OF LEASE is entered into effective as the day of <br />2009, by and between CABARRUS COUNTY, NORTH CAROLINA, a <br />public body politic and a political subdivision of the State of North Carolina ("Lessor"), and <br />CABARRUS COUNTY BOARD OF EDUCATION, a body politic and school administrative <br />unit duly organized and existing under the laws of the State of North Carolina ("Lessee"). <br />Lessor and Lessee have entered into that certain Lease (the "Lease") dated <br />2009, regarding that certain real property more particularly described in <br />Exhibit A attached hereto and incorporated by reference ("Property"). <br />The initial term of the Lease shall commence as of the date of the Lease and shall be for a <br />length of (~ years unless sooner terminated in accordance with the terms and <br />conditions of the Lease. <br />The Lease provides Lessee with an option to purchase the Property in accordance with the <br />provisions set forth in the Lease. Furthermore, the Lease provides that Lessor shall not be <br />entitled to sell or otherwise convey the Property, or any portion thereof, without the prior written <br />consent of Lessee. <br />All provisions set forth in the Lease are hereby incorporated by reference into this <br />Memorandum of Lease as fully as if set forth herein. <br />WCSR 4011856x2 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />i <br /> <br /> <br /> <br />t <br /> <br />Item# 7 <br />Attachment number 1 <br />F - 5 Page 114 of 253 <br />