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July 22, 2002 Page 405 3.0 Term. The term of this lease shall be for a period of twenty (20) years beginning September 1, 1999, and ending at 12:01 a.m. August 31, 2020. 4.0 Annual Rent. The rent for this lease shall be one dollar ($1.00) payable annual in advance on September 1st of each lease year. 5.0 Use. The Property is accepted for use as a public park and will be used and developed in accordance with the park development, operations and maintenance provisions contained in the Park Agreement. 6.0 Utilities. County will pay for all water, sewer and other utility charges for services to the Property. 7.0 Indemnity and Insurance. County does hereby indemnify and hold harmless the City for all liability, loss, expenses, including attorney fees, and costs of any kind or nature whatsoever resulting from any injuries or damage claims. County shall maintain in force during the term of this lease, public liability insurance, naming City as an additional insured, with coverage in an amount of no less than $1,000,000.00 per occurrence. A copy of said policy or endorsement and each renewal thereof during the term of this lease shall be delivered to City. 8.0 Entry Upon Abandonment. In the event County, at any time during the term of this lease abandons the Property or any part thereof, City may, at City's option, retake possession of the Property. 9.0 Miscellaneous. Each party to this agreement further agrees as follows: 9.1 Without further consideration, each party shall at any time, and from time to time, execute and deliver to any other party such further documents, and take such other action, as any other party may reasonably request in order to effectuate the purposes of this agreement. 9.2 Ail understandings and agreements heretofore had between the parties are merged in this agreement and the related agreements executed in conjunction with this agreement, all of which together fully and completely express their agreement, and no representations or warranties have been made by any party to another party except as are herein expressly set forth or required pursuant to this Agreement and the related agreements executed in conjunction with the agreement. 9.3 The headings in this agreement are for purposes of reference only and shall not limit or otherwise affect any of the terms hereof. 9.4 This agreement shall be binding upon and shall inure to the benefit of parties hereto and their respective heirs, legal representatives, successors and assigns. 9.5 If any provision of this agreement is determined by a court of competent jurisdiction to be illegal or unenforceable, such provision shall be automatically reformed and construed as to be valid, operative and enforceable to the maximum extent permitted by law or equity while preserving its original intent. The invalidity of any part of this agreement shall not render invalid the remainder of this agreement. 9.6 The execution and delivery of this agreement and the performance of the obligations hereunder have been duly authorized by all requisite action required by law of each party. IN WITNESS WHEREOF, the Cabarrus County Board of County Commissioners and the Kannapolis City Council have approved this agreement and caused it to be executed and attested by their duly authorized officials. COUNTY OF CABARRUS BY: /s/ Robert M. Freeman Chairman ATTEST: /s/ Frankie F. Bonds Clerk (SEAL)