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<br /> <br />STATE OF NORTH CAROLINA <br />LEASE AGREEMENT <br />COUNTY OF CABARRUS <br />THIS LEASE AGREEMENT (the "Lease"), is made as of the day of March, 2009 by and <br />' between the CITY OF KANNAPOLIS a North Carolina municipal corporation (the "Landlord"), and <br />CABARRUS COUNTY, a political subdivision of the State of North Carolina (the "Tenant"). <br />' WITNESSETH: <br />Upon valuable consideration, the receipt and sufficiency of which are hereby acknowledge, <br />' Landlord hereby demises and leases unto Tenant, and Tenant hereby takes and hires from Landlord, subject <br />to the terms and conditions hereof, a portion of the 13,081 square foot Kannapolis Fire Station Number 5 <br />(the "Building") which is being constructed by Landlord at 2046 Ban• Road, Concord, North Carolina, the <br />Tenant's demised portion, being 1,630 square feet of space located therein, consisting of living/office <br />' quarters and climate controlled vehicle bay, as is more particularly shown on Exhibit A attached hereto and <br />made a part hereof (the "Premises"). The entire tract of real property including the driveways, parking area <br />and Building are shown on Exhibit B attached hereto and made a part hereof. <br />' TO HAVE AND TO HOLD the Premises unto Tenant, subject to the following covenants and <br />conditions which Landlord and Tenant respectively covenant and agree to keep and perform: <br />' ARTICLE 1 <br />TERM OF LEASE <br />' 1.1 Term. The term of the Lease (the "Tenn") shall be fifty (50) years commencing on the <br />commencement date (the "Commencement Date") defined below. Provided, however, at any time after the <br />expiration of thirty-five (35) years, in the event the Premises are obsolete or no longer reasonably efficient <br />' for its intended use as a public fire station or EMS facility, either party may terminate this Lease upon <br />ninety (90) days notice to the other party. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1.2 Options to Extend. The term may be extended upon provisions and conditions to be <br />determined by the parties at the time of such extension. <br />1.3 Commencement Date. Landlord's and Tenant's rights and obligations under this Lease shall <br />begin as of the Commencement Date. The Commencement Date shall be March 1, 2009. <br />ARTICLE 2 <br />BASE RENT <br />2.1 Base Rent. For the entire Term of this Lease Tenant shall pay to Landlord the one <br />lump sum payment of Three Hundred Sixty Eight Thousand Five Hundred Ninety and 58/100 Dollars <br />($368,590.58) as base rent (the "Base Rent") for the Premises. All other sums payable by Tenant under this <br />Lease and all obligations of Tenant which can be satisfied by payment of money shall be additional rent as <br />further defined in Section 3.1 hereinafter. <br />F-6 <br />Attachment number 1 <br />Page 178 of 286 <br />