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266 The Board of Commissioners for the County of Cabarrus met in recessed session in the Commissioners' Conference Room at the Cabarrus County Governmental Center in Concord, North Carolina, on Monday, April 26, 1993, at 7:00 P.M. Present - Chairman: Carolyn B. Carpenter Vice-Chairman: Kenneth F. Payne Commissioners: Jeffrey L. Barnhart Sue B. Casper Arne L. Fennel Also present were Mr. John V. Witherspoon, County Manager; Mr. Fletcher L. Hartsell, Jr., County Attorney; and Mrs. Frankie F. Bonds, Clerk to the Board. Chairman Carpenter called the meeting to order at 7:00 P.M. A.L. Brown High School Renovation Project Mr. Hartsell presented a Lease and Agency Agreement for finalization of the financing for the A. L. Brown High School renovation project. UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter and unanimously carried, the Board approved the Lease between Cabarrus County and the Kannapolis Board of Education for A. L. Brown High School. The County had previously entered into an Installment Purchase Contract dated April 1, 1993 with Wachovia Bank of North Carolina to provide for the financing of the renovation and construction project for A. L. Brown High School. The term of the lease shall commence on the "Closing Date" of April 1, 1993 and will end upon the termination of the Financial Contract or an event of default and termination by the County as set forth in Article XII of the Lease. The Lease is on file in the office of .the County Manager. UPON MOTION of Commissioner Barnhart, seconded by Commissioner Fennel and unanimously carried, the Board approved the following Agency Agreement between the Kannapolis Board of Education and Cabarrus County. AGENCY AGREEMENT This AGENCY AGREEMENT, dated as of April 1, 1993, by and between the KANNAPOLIS BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of the Constitution and laws of the State of North Carolina (the "County"); W I T N E S S E T H: that-- WHEREAS, the County has entered into an Installment Purchase Contract (the "Installment Agreement") dated as of the date hereof, with Wachovia Bank of North Carolina, National Association, a national banking association (the "Bank"), whereby the County has agreed to construct, or cause to be constructed, the Project (as defined in the InstaLlment Agreement) upon Real Property described in Exhibit~A hereto (they"Real Property"), and the Bank has agreed to finance the Project through the Installment Agreement and the Escrow Agreement secured by a Deed of Trust upon Real Property dated as of April 1, 1993, to The Fidelity Company, a North Carolina corporation, as Trustee for the Bank; WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this Agency Agreement do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this Agency Agreement; NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: SECTION I. Board to Act as Agent of the County. The County hereby irrevocably appoints the Board as its agent in connection with the construction of the Project. The Board, as the agent of the County for the foregoing purpose, shall cause the construction of the Project to be completed on or before the completion date set forth in the Installment Agreement and otherwise in accordance with the Installment Agreement and any applicable requirements of governmental authorities and law.