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NORTH CAROLINA <br /> <br />CABARRUS COUNTY <br /> <br />GROUND LEASE AGREEMENT <br /> <br />THIS GROUND LEA~E AGREEMENT dated as of , 1993 <br />(together with any amendments h~re~o made in accordance herewith, <br />this "Lease"), entered into by and between the County of Cabarrus <br />(the "County"), a political subdivision of the State of North <br />Carolina, as lessor hereunder, and the city of Concord (the <br />"city"), a municipal corporation duly created and existing under <br />the laws of the State of North Carolina, as lessee hereunder; <br /> <br />WI TNES SETH: <br /> <br /> WHEREAS, the city owns and operates a water and sewer system <br />(the "Water System") located in Cabarrus County, North Carolina; <br /> <br /> WHEREAS, the County desires for more treated water service to <br />be available for the citizens and residents of the area, and a <br />demonstrated need exists therefor; <br /> <br /> WHEREAS, the city has decided to: (i) make improvements to <br />the Water System consisting, among other things, of construction of <br />a 36-inch raw water line, and a 12.0 MGD water treatment plant and <br />the conversion of approximately 33,000 LF of a 24-inch raw water <br />line to a finish water line, (the "Project"); and (ii) sell bonds <br />(the "Series 1993 Bonds") under a bond indenture (the "Indenture") <br />to be entered into between the City and <br />pursuant to the State and Local Government Revenue Bond Act (the <br />"Act") in an amount which, together with other available funds, <br />will be sufficient to pay the cost of acquiring, constructing, <br />equipping, and placing the Project in operation; <br /> <br /> WHEREAS, it is in the mutual best interest of the parties that <br />the Project be located on the below-defined Demised Premises; <br /> <br /> WHEREAS, the County owns the Demised Premises, a metes and <br />bounds description thereof being contained in Exhibit A attached <br />hereto; <br /> <br /> WHEREAS, the Board of County Commissioners of the County (the <br />"Board") has determined and hereby reaffirms that it is in the best <br />interest of the County that the County enter into this Lease for <br />the lease to the City of the Demised Premises; <br /> <br /> WHEREAS, the execution, performance and delivery of this Lease <br />by the County have been authorized, approved, and directed by the <br />Board by action taken and adopted by the Board on January 26, 1993; <br /> <br /> WHEREAS, the execution, delivery and performance of this Lease <br />by the City have been authorized, approved, and directed by all <br /> <br /> <br />