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01/11/1996 10:51 ?04-?88-8058 HARTSELL,SPAINHOUR,S PAGE 82 A~ENCY This AGENCY AGREEMENT, dated as of , 1995, by and between the CABARRUS COUNTY BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of the Constitution and laws of the State of North Carolina (the "County"); WHEREAS, the County plans to enter into an Installment Purchase Contract (the "Installment Agreement") (N.C.G.S. §160A-20) to finance all or a portion of the costs of construction of certain improvements upon the real property described in Exhibit A hereto the ("Project,,), which Project is to be used to provide school facilities now commonly known as the "Rocky River Elementary School"; and WHEREAS, ail acts, conditions and things required by law to exist, to have happened and to have been perfo~ned precedent to and in connection with the execution and entering into of this Agency Agreement do exist, have happened and have been performed in regular and due time, fo~m and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this Agency Agreement; NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES H~RETO DO H~REB¥ AGREE AS FOLLOWS: SECTION I. Board to Act as Agent o~ the The County hereby irrevocably appoints the Board as its agent in connection with the construction of the Project. The Board, as the agent of ~he County for the foregoing purpose, shall cause the construction of the Project to be completed on or before the completion date set forth in the Installment Agreement and otherwise in accordance with the Installment Agreement and any applicable requirements of governmental authorities and law. The County shall at all times be the Owner of the Project and any and all materials to be incorporated therein. S~CTION II. ~ro~ect Description. The Board shall have the right to make any changes in the description of the Project or of any component or components thereof with the prior written consent of the County; provided, however, that any such change shall not alter the public purpose of the Project and that any increase in the cost of the Project resulting from such a change shall, to the exten~ the increased cost exceeds the total balance in ~he Escrow Fund (as defined in