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and Council of State at a meeting held in the City of Wilmington, <br /> <br />North Carolina, on the 7th day of Jun~ , 1999, and <br /> <br /> W~ER~%S, as part of the mutual undertakings between the <br />Lessor and the Lessee, the parties have agreed to the following <br />Terms and Conditions of the Lessee's lease of the Lessor's <br />property. <br /> <br /> NOW, THEREFORE, in consideration of one dollar, the aforesaid <br />exchange of interests in real property, and the further mutual <br />terms, covenants and conditions set forth herein, the Lessor and <br />Lessee agree as follows: <br /> <br /> I. T~SE OF PREMISES: DESCRIPTION <br /> <br /> The Lessor hereby leases and demises unto the Lessee the <br />premises consisting of approximately 39.60 acres situated adjacent <br />to the Stonewall Jackson Training School and Frank Liske Park (the <br />~Par~'), as shown on that map titled "Proposed Soccer Complex" <br />attached hereto and incorporated herein as Exhibit 1 (the "Demised <br /> <br />Premises"). <br /> <br />II. TERM <br />The Lease Term shall be for 25 years from the date of <br />execution hereof. The Lessor shall deliver possession of the <br /> <br />Demised Premises to the Lessee on the execution date of this Lease <br />Agreement. Lessee accepts the Demised Premises in its existing <br />(i.e., "as is") condition, and Lessee acknowledges that Lessor is <br />not obligated to make any improvements to the Demised Premises. <br /> <br /> In the event the Demised Premises or a portion thereof is <br />needed for development by the State or an industry which will <br /> <br /> <br />