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314 <br /> <br /> The Board received the report by Mr. Jones as information only. <br />Chairman Lentz stated the Board would meet with Mr. Jones at a later date to <br />discuss active clients with the Economic Development Corporation. <br /> UPON MOTION of Commissioner Melvin, seconded by Chairman Lentz with <br />Commissioners Melvin, Hamby, and Moss and Chairman Lentz voting for and <br />Commissioner Payne voting against, the Board approved the following Lease <br />Agreement between Cabarrus County and The Cabarrus County Agricultural Fair, <br />Inc. <br /> <br />NORTH CAROLINA <br /> <br />CABARRUS COUNTY <br /> <br />LEASE AGREEMENT <br /> <br /> THIS LEASE AGREEMENT, made and executed this 3rd day of March, 1988, by <br />and between CABARRUS COUNTY, a political subdivision of the State of North <br />Carolina, (hereinafter "County"), and THE CABARRUS COUNTY AGRICULTURAL FAIR, <br />INC., a North Carolina Corporation, (hereinafter "Fair"); <br /> <br />W I T N E S S E T H -- that: <br /> <br /> For and in consideration of the mutual covenants and agreements herein- <br />after set forth, County leases to Fair and Fair takes and leases from County <br />all that real property lying within the "fence" on the 14.20 acre tract <br />described and identified in "Exhibit A" attached hereto and incorporated <br />herein by reference (hereinafter sometimes referred to as the "Demised <br />Premises"); <br /> <br /> Fair shall have and hold the Demised Premises subject to the following <br />covenants and conditions: <br /> <br /> 1. Term. The term of this Lease shall commence on September 5, 1988, <br />and shall expire on September 28, 1988. <br /> <br /> 2. Rent/Consideration. As rental for the Demised Premises, Fair <br />agrees as follows: <br /> <br /> (a) Fair shall mow the Demised Premises, together with County's <br />11.98 acre tract adjacent thereto, identified on "Exhibit A", at least <br />once per month during the period May - October, 1988. <br /> <br /> (b) Fair shall keep the Demised Premises clean and in a good state <br />of repair from the date of execution hereof through September 28, 1988, <br />and shall be permitted entry thereof for such purpose during all of said <br />period. <br /> <br /> 3. Use of Demised Premises. The Demised Premises are leased exclu- <br />sively for use as an agricultural fair and associated amusement activities. <br />Fair shall comply with existing zoning, health, and other police regulations <br />and shall neither conduct nor permit to be conducted any nuisance upon the <br />Demised Premises. <br /> <br /> 4. Indemnification and Insurance. Fair agrees to indemnify and save <br />harmless County of and from any and all claims or liability to persons or <br />property caused or resulting in any manner by reason of Fair's occupation or <br />use of the Demised Premises. Fair further consents and agrees to maintain <br />liability insurance for injury or damage to any person while on the Demised <br />Premises during the term of at least $1,000,000.00 for injury or damage to <br />one person and $1,000,000.00 for injury or damage to two or more persons. <br /> <br /> 5. Termination. Upon termination of this Lease, Fair consents and <br />agrees to return the Demised Premises to County in as good condition as the <br />same now is, ordinary wear and tear excepted. <br /> <br /> 6. Default. In the event of breach or default by Fair in performance <br />of any covenant or condition herein contained, such default or breach having <br />continued for ten (10) days after written notice to Fair by County, then, in <br />such event, at the option of County, County shall the right to re-enter the <br />Demised Premises or any part thereof and thereupon this lease shall <br />terminate. <br /> <br /> <br />