AG 2003 07 21 - Laserfiche WebLink

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NORTH CAROLINA CABARRUS COUNTY LEASE THIS LEASE is dated as of the ~ day of July, 2003, and is entered into, by and between CABARRUS COUNTY, NORTH CAROLINA, a public body politic and a political subdivision of the State 'of North Carolina, as Lessor (the "County"), and the CABARRUS COUNTY BOARD OF EDUCATION, a body politic and school administrative unit duly organized and existing under the laws of the State of North Carolina, as Lessee (the "Board of Education"); WIT NE S S E T H: that~ The County and the Board of Education have previously determined to cooperate in a plan for the construction and financing of improvements upon real property for certain public school facilities which each has found to be necessary and desirable to provide for improved public education in the County. Included among such facilities are improvements to real property at two (2) school sites commonly known as the new Bethel Elementary School and Pitts School Road Elementary School (collectively, the "Facilities"), which will lie on the property shown on Exhibit A (the "Sites"). As part of such plan of financing, the County has entered into an Installment Financing Contract dated as of July 15, 2003 (the "Financial Contract"), between the County and the Cabarrus County Development Corporation (the "Corporation"), providing for the financing of the purchase and construction of the Facilities. In furtherance of this plan of financing and to provide for improved public school facilities for County residents, the County proposes to lease the Leased Property, as hereinafter defined, to the Board of Education, and the Board of Education has determined to accept such lease. NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein contained, the parties hereto agree as follows: