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LEASE AGREEMENT FINAL DRAFT FOR APPROVAL BY RCCC AND COUNTY: MP 10-27-04 Re: 660 Concord Parkway Concord, Cabarrus County, North Carolina This Lease Agreement (the "Lease") is made effective as of July 1, 2004, by and between CABARRUS COUNTY, NORTH CAROLINA a political subdivision of the state of North Carolina with its principle place of business at 65 Church Street, SE, Concord, NC 28025 ("Lessor") and ROWAN-CABARRUS COMMUNITY - COLLEGE, a North Carolina non-profit corporation, whose principle address is 1531 Trini ty Church Road, Concord, North Carolina 28027 ("Ten an t"). 1. Description of Leased Premises. Lessor hereby subleases to Tenant, "as is", approximately 10.96 acres and all improvements located thereon including without limitation, a building of approximately 37,000 square feet and accompanying parking spaces, all located at 660 Concord Parkway, Concord, North Carolina (the "Premises"). The Premises are more clearly set forth in Exhibit A. attached hereto and incorporated herein. The Premises contain the fixtures, improvements and other real or personal property now installed on the Premises plus any future permitted modifications, alterations and improvements thereto. 2. Lease Term. The initial term of this Lease .shall be for a period of twenty (20) years beginning effective July 1, 2004 and continuing through June 30,2024 (the "Initial Term"). Provided Tenant is not in default hereunder and this Lease is not otherwise terminated in accordance with the terms hereof, Lessee may, in accordance with the terms set forth in this Lease: (1) extend the Initial Term ofthis Lease for a first renewal term of five years beginning July I, 2024 and continuing through June 30, 2029 ( the "First Renewal Term"); and (2) extend the First Renewal Term for a second renewal term of five years beginning July 1,2029 and continuing through June 31, 2034 (the "Second Renewal Term"); by providing Lessor with written notice of such extension at least one hundred and eighty (180) days prior to expiration ofthe then current term. The First Renewal Term and the Second Renewal Term shall be subject to the same terms and conditions set forth herein. Possession by Tenant after the expiration of this Lease shall not be construed to extend the term hereunder. 3. Basic Rent. Tenant shall pay the Lessor the rental sum of one dollar ($1.00) per year, in advance. 4. Tenant Access To Premises. Except in the case of emergencies not within Lessor's control, access to the Premises shall be provided to appropriate representatives of Ten ant at all times and at no additional expense, twenty four (24) hours a day, seven (7) days a week, three hundred sixty five (365) days a year. Access to the Premises on holidays and at times other than normal business hours shall be provided by key, card access or other means acceptable to Lessor and Tenant. Lessor shall initially provide Tenant with a sufficient number of keys, access cards or other devices needed to allow Tenant and Tenant's employees such access. In the event Lessor changes the means of access or Tenant requests such changes in access or in the event Tenant or its employees, agents or invitees cause the security ofthe Premises to be violated in Lessor's sole opinion, Tenant F ~13