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<br />d <br /> <br />'"Ill 'f'lo'6 <br />:D",t.\o..:'bW+U a,\- ~*i ~ <br /> <br />NORTH CAROLINA <br /> <br />CABARRUSCOUNTY <br /> <br />LEASE AGREEMENT <br /> <br />THIS LEASE AGREEMENT is entered into this _ day of July, 2005 by and <br />between CABARRUS COUNTY, a body politic and political subdivision of the State of <br />North Carolina ("Lessor") and CABARRUS COUNTY BOARD OF EDUCATION <br />("Lessee"). <br /> <br />WITNESSETH that: <br /> <br />I. Propertv to be Leased: For the terms and conditions as hereinafter set forth, the <br />Lessor does hereby Lease to the Lessee the real property and improvements thereon <br />located at 187 Union Cemetary Road, Concord, North Carolina, and being more <br />particularly described in Exhibit A attached hereto and incorporated herein by reference <br />(the "Premises"). Lessee may use the Premises for the sole purpose of storage and <br />maintenance of school buses and its associated uses. <br /> <br />2. Term: To have and to hold for a term of 1 year commencing on July -.J <br />2005, and ending on July ----' 2006, unless sooner terminated. The term ofthe Lease <br />shall be automatically extended for four (4) additional one year terms, unless either <br />party gives notice sixty (60) days prior to the end of the current term that it wishes to <br />terminate the Lease. <br /> <br />3. Rent: Lessee hereby covenants to pay to Lessor as rental for the Premises for <br />the sum of $1.00 per annum, payable in advance. The rental for any additional year <br />terms shall also be $1.00 payable in advance. <br /> <br />4. Taxes: The Premises are currently exempt from ad valorem taxes. To the <br />extent ad valorem taxes are levied during the term of the Lease, as extended, Lessee shall <br />pay all taxes levied whether for real or personal property. <br /> <br />5. Insurance. <br /> <br />(a) Lessee shall maintain replacement value insurance during the term of this <br />Lease, and shall pay the cost of initial and renewal premiums therefore which shall cover <br />Lessor as their interests shall appear, insuring the leased promises against loss or damage <br />by fire, lightning, and such perils as are from time to time comprehended within the term <br />"Extended Coverage". Replacement value insurance on the contents and trade fixtures <br />installed by Lessee shall be the responsibility of Lessee. <br /> <br />(b) Lessee shall maintain public liability insurance against claims for bodily <br />injury to or destruction of property occurring upon, in or about, or arising from the <br />leased premised, such insurance to afford protection to a limit of not less than Five <br />Hundred Thousand Dollars $500.000.00 ) in respect to bodily injury or death suffered <br /> <br />G-i <br />