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<br />NORTH CAROLINA <br /> <br />LEASE <br /> <br />CABARRUSCOUNTY <br /> <br />THIS LEASE is effective nunc pro tunc July 1, 2005, and is entered into by and <br />between CABARRUS COUNTY, NORTH CAROLINA, a public body politic and a political, <br />subdivision of the State of North Carolina, as Lessor (the "County"), and the CABARRUS <br />COUNTY BOARD OF EDUCATION, a body politic and school administrative unit duly <br />organized and existing under the laws of the State of North Carolina, as Lessee (the "Board of <br />Education"); <br /> <br />WITNESSETH: <br /> <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 /> <br />Included among such facilities are improvements to real property at three (3) school <br />sites commonly known as C. A. Furr Elementary, Charles E. Boger Elementary and <br />Hickory Ridge High School (collectively, the "Facilities"), which will lie on the properties <br />shown on Exhibit A (the "Sites"). <br /> <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 Leased Property, and the Board <br />of Education has determined to accept such lease. <br /> <br />NOW, THEREFORE, for and in consideration of the mutual promises and covenants <br />herein contained, the parties hereto agree as follows: <br /> <br />ARTICLE I <br /> <br />DEFINITIONS; RULE OF CONSTRUCTION <br /> <br />The following terms will have the meanings specified below, unless the context clearly <br />requires otherwise: <br /> <br />"Event of Default" means one or more events of default as defined in Section: 12.1. <br /> <br />"Lease" means this Lease, as it may be duly amended. <br /> <br />"Lease Term" means the term of this Lease as determined pursuant to Article IV. <br /> <br />"Lease Year" means, initially, from the Closing Date through December 31, 2006, and <br />thereafter, means the twelve-month period of each year commencing on January 1 and ending on <br /> <br />/-" - 35 <br />