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i~ <br />NORTH CAROLINA <br />LEASE <br />CABARRUSCOUNTY <br />AT ALLEN REPLACEMENT SCHOOL <br />THIS LEASE is entered into by and between CABARRUS COUNTY, NORTH <br />CAROLINA, a public body politic and a political, subdivision of the State of North Carolina, as <br />Lessor (the "County"), and the CABARRUS COUNTY BOARD OF EDUCATION, a body <br />politic and school administrative unit duly organized and existing under the laws of the State of <br />North Carolina, as Lessee (the "Board of Education"); <br />WITNESSETH: <br />The County and the Board of Education have previously determined to cooperate in a <br />plan for the construction and financing of improvements upon real property for certain public <br />school facilities which each has found to be necessary and desirable to provide for improved <br />public education in the County. <br />Included among such facilities are improvements to real property constituting an <br />elementary school facility, which will lie on the property shown on Exhibit A (the "Site"). <br />In furtherance of this plan of financing and to provide for improved public school <br />facilities for County residents, the County proposes to lease the Site, and the Board of Education <br />has determined to accept such lease. <br />NOW, THEREFORE, for and in consideration of the mutual promises and covenants <br />herein contained, the parties hereto agree as follows: <br />ARTICLE I <br />DEFINITIONS; RULE OF CONSTRUCTION <br />The following terms will have the meanings specified below, unless the context clearly <br />requires otherwise: <br />"Event of Default" means one or more events of default as defined in Section: 12.1. <br />"Lease" means this Lease, as it may be duly amended. <br />"Lease Term" means the term of this Lease as determined pursuant to Article IV. <br />"Lease Year" means, initially, from the Closing Date through December 31, 2009, and <br />thereafter, means the twelve-month period of each year commencing on January 1 and ending on <br />the next December 31. <br />Page 1 of 12 <br />F-7 <br /> <br />i~ <br />u <br />C <br />C <br />fl <br />i <br />1 <br />n <br />C <br /> <br />C <br />0 <br /> <br />l <br />C <br />Attachment number 3 <br />Page 88 of 320 <br />