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493
<br />
<br /> UPON MOTION of Commissioner Fennel, seconded by Chairman Barnhart and
<br />unanimously carried, the Board approved the following "Modification to and
<br />Release from Ground Lease Agreement" between the City of Concord and Cabarrus
<br />County.
<br />
<br />NORTH CAROLINA
<br />
<br />CABARRUS COUNTY
<br />
<br />MODIFICATION TO AND RELEASE FROM
<br /> GROUND LEASE AGREEMENT
<br />
<br /> THIS MODIFICATION TO AND RELEASE FROM GROUND LEASE AGREEMENT,
<br />dated as of the 16th day of December, 1993, entered into by and
<br />between the County of Cabarrus (the "County"), a body politic and
<br />political subdivision of the State of North Carolina and the City of
<br />Concord (the "City"), a municipal corporation duly created and
<br />existing under the laws of the State of North Carolina;
<br /> W I T N E S S E T H: that --
<br /> Whereas on or about the 1st day of February, 1993, the County
<br />and the City executed and entered into a Ground Lease Agreement (the
<br />"Lease") regarding real property located in Cabarrus County, North
<br />Carolina, a copy of which is on file in the Office of the Register
<br />of Deeds for Cabarrus County in Book 997, Page 197, of the Cabarrus
<br />County Registry and which is incorporated herein by reference; and
<br /> Whereas, the County and the City desire to amend and modify
<br />the Lease only by releasing certain real property identified therein
<br />from the Lease; and
<br /> Whereas, the County and the City recognize and acknowledge
<br />that the real property hereinafter described is no longer deemed
<br />necessary for the use or purposes set forth in the Lease, and the
<br />County desires to retransfer and convey the property described
<br />herein to the prior owner, Lois W. Smith, pursuant to a Settlement
<br />Agreement in that condemnation action entitled "Cabarrus County vs.
<br />Lois W. Smith," bearing File No. 91 CVS 73 in the Office of the
<br />Clerk of Superior Court for Cabarrus County;
<br /> NOW, THEREFORE, the County and the City do hereby amend and
<br />modify the Lease to release the following described property from
<br />the operation and effect of the Lease and for no other purpose:
<br /> LYING and being in No. 3 Township, Cabarrus
<br /> County, North Carolina, on the south side of N.C.
<br /> Highway 73 and the east side of, but not adjoining,
<br /> Coddle Creek, and more particularly described as
<br /> follows:
<br /> BEGINNING at a spike set in the centerline of N.C.
<br />Highway 73 (said spike being N. 81-16-38 E., 171.76 feet
<br />from a chisel "X" in a bridge); thence with the center
<br />of N.C. Highway 73, N. 81-23-11 E., 63.97 feet to a
<br />spike in the centerline; thence S. 28-54-19 E., 850.68
<br />feet (passing a set iron pipe on line at 31.98 feet, the
<br />southern edge of the right-of-way of N.C. Highway 73) to
<br />a set iron pipe; thence N. 87-36-33 W., 70.22 feet
<br />(computed) to an existing iron pipe, a No. 5 rebar;
<br />thence N. 28-54-19 W., 836.39 feet (passing a set iron
<br />pipe on line at 804.41 feet, the southern edge of the
<br />right-of-way of N.C. Highway 73), to the BEGINNING,
<br />containing 1.16 acres, more or less, and identified as
<br />Tract 5 on a survey by Concord Engineering & Surveying,
<br />Inc. (James E. Craddock, Registered Land Surveyor),
<br />dated May 23, 1993, or as computed thereafter.
<br />IN WITNESS WHEREOF, the County has caused this Modification to and
<br />Release From Ground Lease Agreement to be executed in its name and
<br />with its seal hereunto affixed and attested by the Clerk of the
<br />County and the City has caused this Modification to and Release From
<br />Ground Lease Agreement to be executed in its corporate name with its
<br />seal hereunto affixed and attested by its City Clerk for the sole
<br />purpose of releasing the real property hereinbefore described from
<br />the operation of the Lease and for no other purpose, effective as of
<br />the date first above written.
<br /> COUNTY OF CABARRUS,
<br /> a political subdivision of
<br /> the State of North Carolina
<br />
<br />
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