AG 2002 07 22 (Regular) - Laserfiche WebLink

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STATE OF NORTH CAROLINA COUNTY OF CABARRUS LEASE AGREEMENT THIS AGREEMENT is made and entered into this the day of August, 1999, by and between the County of Cabarrus (hereinafter referred to as "County") and the City of Kannapolis (hereinafter referred to as "City"). WITNESSETH: WHEREAS, this agreement is executed pursuant to G.S. 160A-274 and G.S. 153A-165 providing for the lease and joint use of governmental property; and WHEREAS, on or about the 19th day of October, 1998, County and City entered into an agreement (the "Park Agreement") to provide for recreational and park services, programs and facilities for their citizens; and WHEREAS, the Park Agreement provided, inter alia, provided that the parties would enter into an agreement whereby the City would lease the property described hereinafter to the County upon terms and conditions set forth therein; NOW THEREFORE, upon valuable consideration, the receipt of which is hereby acknowledge by each party, and in performance of the premises contained in the Park Agreement and upon the premises contained herein, the parties agree as follows: 1.0 Recitals and Prior Agreement. The recitals contained above and the Park Agreement are incorporated herein as a part of this agreement. 2.0 Leased Property. Upon terms and conditions set forth herein City does hereby demise and lease unto County a 45.037 acre tract of land on the south side of Orphanage Road, Kannapolis, North Carolina (the Property), a survey of which property is attached hereto as Exhibit "A" and incorporated as a part of this agreement. 2.1 Provided, however, specifically excluded from the Property and the operation, of this lease agreement is a commercial billboard located on the Property near the Interstate 85 boundary. All revenues derived therefore shall be and remain the sole and exclusive property of City. City, its agents and designees, at all times, shall have access upon and across the Property to the billboard for replacement, repair, and maintenance. 3.0 Term. The term of this lease shall be for a period of twenty (20) years beginning September 1, 1999, and ending at 12:01 a.m. August 31, .2020.