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414 <br /> <br />W I T N E S S E T H: that-- <br /> <br /> WHEREAS, the Board owns certain activity buses utilized by it during the <br />school year; and <br /> WHEREAS, the County desires to lease one or more buses from the Board for <br />summer use by the County's Recreation Department; and <br /> WHEREAS, North Carolina General Statutes Section 160A-274(b) permits any <br />governmental unit to lease to any other governmental unit any interest in <br />personal property that it may own upon such terms and conditions as it deems <br />wise; <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />contained herein, the parties hereto agree as follows: <br /> <br /> 1. Lease. The Board hereby leases to the County and the County hereby <br />accepts from the Board the following described motor vehicles: <br /> <br /> 2. Term. The term of this lease shall commence at 12:01 A.M. on June 15, <br />1980, and shall end at 7:59 P.M. on A~gust 15, 1980. <br /> <br /> 3. Rental. As rental hereunder, the County agrees to perform the covenants <br />and conditions contained in this agreement and shall pay the Board the sum of $1.00 <br />per motor vehicle leased hereunder. <br /> <br /> 4. Title. Title to the motor vehicles leased hereunder shall remain in <br />theBoard. <br /> <br /> 5. Covenants by County. As an inducement to the Board to lease the motor <br />vehicles to the County, the County represents and warrants: <br /> <br /> a. It shall carry and maintain at its own expense, insurance uncon- <br />ditionally covering liability for personal injury or property damage <br />resulting from the operation of the motor vehicles in an amount not less <br />than $100,000 for death or injury of one person; not less than $300,000 <br />for death or injury of more than one person; and not less than $100,000 <br />property damage. <br /> b. Ail policies of insurance covering the motor vehicles shall be <br />endorsed to protect both the County and the Board as their interests may <br />appear. <br /> c. The motor vehicles shall be used exclusively in the Cabarrus County <br />Recreation Department summer program and for no other purpose without prior <br />consent of the Board. <br /> d. It shall permit only safe, careful, appropriately licensed and <br />authorized individuals to operate the motor vehicles. <br /> e. It Shall, at its own expense, provide suitable and adequate repair <br />and maintenance for each of the motor vehicles leased hereunder and shall <br />perform all preventive maintenance as may be specified by the Board. <br /> <br />6. Termination. <br /> <br /> a. This agreement shall continue until the end of the term or upon <br />breach of the agreement by the County. <br /> b. Upon termination of this agreement, the County shall return to the <br />Board all items of equipment leased hereunder in the same condition as <br />when acquired, ordinary wear and tear excepted. <br /> <br /> 7. Benefits. This agreement shall be binding upon and shall inure to the <br />benefit of the parties, their successors and assigns. <br /> <br /> IN WITNESS WHEREOF, each of the parties has caused this agreement to be <br />executed in its name by its duly authorized officials the day and year first <br />above written. <br /> <br /> CABARRUS COUNTY BOARD OF EDUCATION <br /> By: <br /> (Title) <br /> <br />CABARRU S COUNTY <br />By: <br /> <br />(Title) <br /> <br /> <br />