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AGENCY AGREEMENT <br /> <br /> THIS AGENCY AGREEMENT, dated as of ., 1999, by and <br />between the CABARRUS COUNTY BOARD OF EDUCATION (the "Board"), and <br />the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly <br />organized and existing under and by virtue of the Constitution and laws of the State of <br />North Carolina (the "County"); <br /> <br />WITNESSETH: that- <br /> <br /> WHEREAS, at the request of the Board, the County plans to enter into an <br />Installment Finance Contract (the "Installment Agreement") (N.C.G.S. Subsection 160A- <br />20) to fmance all or a portion of the costs of construction of certain improvements upon <br />the real property described in Exhibit A hereto the ("Project"), which Project is to be used <br />to provide school facilities now commonly known as the "Southwest Cabarrus High <br />School"; and <br /> <br /> WHEREAS, all acts, conditions and things required by law to exist, to have <br />happened and to have been performed precedent to and in connection with the execution <br />and entering into of this Agency Agreement do exist, have happened and have been <br />performed in regular and due time, fo,m and manner as required by law, and the parties <br />hereto are now duly authorized to execute and enter into this Agency Agreement; <br /> <br /> NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF <br />THE IvIUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND <br />FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO <br />HEREBY AGREE AS FOLLOWS: <br /> <br />Section I. Board to Act as Agent of the County. <br /> <br /> The County hereby irrevocably appoints the Board as its agent in connection with <br />the construction of the Project. The Board, as the agent of the County for the foregoing <br />purpose, shall cause the construction of the Project to be completed on or before the <br />completion date set forth in the Installment Agreement and otherwise in accordance with <br />the Installment Agreement and any applicable requirements of governmental authorities <br />and law. The County shall at all times be the Owner of the Project and any and all <br />materials to be incorporated therein. <br /> <br />Section II. Project Description. <br /> <br /> The Board shall have the fight to make any changes in the description of the <br />Project or of any component or components thereof with the prior written consent of the <br /> <br /> <br />