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STATE OF NORTH CAROLINA LEASE AGREEMENT COUNTY OF WAKE THIS LEASE AGREEMENT, made and entered into this the day of , 1989, by and between Gabarrus County of Cabarrus County, North Carolina, hereinafter designated as Lessor, and the STA~ OF NORTH CAROLINA, herei~after designated as Lessee, WITNESSETH: ~HATWHEREAS, authority to approve and execute this lease agreement was delegated to the Department of Ac[ministration by resolution adopted bythe Governor and Council of State on the 1st day of September, 1981; and WHEREAS, the Department of Administration has delegated to this State agency the authority to execute this lease agreement by a memorandum dated the 26th day of March, 1982; and WHEREAS, the parties hereto have mutually agreed to the terms of this lease agreement as hereinafter set out, N0W THEREFORE, in consideration of .the rental hereinafter agreed to be paid and the tens and conditions hereinafter set forth, Lessor does hereby let and lease unto Lessee and Lessee hereby takes and leases from Lessor for and during the period of time and subject to the terms and conditions hereinafter set out certain space in Cabarrus County, North Carolina, more particularly described as follows: BEING 339 square feet of office and Storage space in the Cox guilding~ located at 2326 Davtdson Highway, Concord, North Garolina 28025. THE TERMS AND CO~q)ITIONS OF THIS LEASE AGREEMENT ARE AS FOLLOWS: 1. The term of this lease shall be for a period of 1 year; normmsncing on the let day of July, 1989, or as soon thereafter as the leased premises are ceded to the Lessee, and terminating on the 30th day of July, 1990. 2. The L~ssee shall pay to the Lessor as rental for said premises the sum of $2,373.00 Dollars per annum, which stun shall be paid in equal monthly installments of $197.75 Dollars, said rental to be payable within fifteen (15) days from receipt of invoice in triplicate.