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STATE OF NORTH CAROLINA AGENCY AGREEMENT <br />COUNTY OF CABARRUS <br />This AGENCY AGREEMENT is executed by and between the CABARRUS <br />COUNTY BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, <br />NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of <br />the constitution and laws of the State of North Carolina (the "County"). <br />RECITALS <br />1. The County has leased or will lease to the Board property for the proposed new <br />"Southwest" elementary school, which will lie on the real property described in Exhibit A hereto <br />(the "Site"), together with any additions, modifications, attachments, replacements and parts <br />thereof (the "Project"). <br />2. All acts, conditions and things required by law to exist, to have happened and to <br />have been performed precedent to and in connection with the execution and entering into of this <br />Agency Agreement do exist, have happened and have been performed, in regular and due time, <br />form and manner as required by law, and the parties are now duly authorized to execute and <br />enter into this Agency Agreement. <br />In consideration of the above Recitals and the Provisions contained below and for other <br />valuable consideration, the parties do hereby agree as provided. <br />PROVISIONS <br />Section I. Board to Act as Agent of the Counri. <br />The County appoints the Board as its agent in connection with any construction and <br />other accomplishment of the Project. The Board, as the agent of the County for the foregoing <br />purpose, shall cause the Project to be completed on or before the date or dates set forth in the <br />respective construction documents and otherwise in accordance with the respective construction <br />documents and any applicable requirements of governmental authorities and law. The County <br />and the Board agree that all amounts received by either of them as refunds of State of North <br />Carolina sales tax with respect to expenditures made in connection with the Project will be <br />deposited in the Acquisition and Construction Fund. <br />To the extent permitted by law, the Board shall indemnify and save the County <br />harmless against and from all claims by or on behalf of any person, firm, corporation or other <br />legal entity arising from the construction and other accomplishment of the Project, but the Board <br />is not obligated to pay any Installment Payments under any financing Installment Agreement or <br />to indemnify any party to the Installment Agreement for any third -party claims asserted against <br />Attachment number 1 \n <br />F-5 Page 88 <br />