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"Lease Term" means the term of this Lease as determined pursuant to Article IV. <br />"Lease Year" initially means from October 15, 2024 through October 14, 2044, and thereafter <br />means the 12-month period of each year commencing on January 1 and ending the next December 31. <br />"Board of Education Representative" means any of the person or persons at the time designated <br />by a written certificate furnished to the County and signed on the Board of Education's behalf by its <br />Chairman to act on the Board of Education's behalf for the purpose of performing any act under this Lease. <br />All references to articles or sections are references to articles or sections of this Lease, unless the <br />context clearly indicates otherwise. <br />ARTICLE II <br />REPRESENTATIONS, COVENANTS AND WARRANTIES <br />The County and the Board of Education each represent, covenant and warrant for the other's <br />benefit as follows: <br />(1) Neither the execution and delivery of this Lease nor the fulfillment of or compliance with <br />the terms and conditions nor the consummation of the transactions contemplated hereby results in a <br />breach of the terms, conditions and provisions of any agreement or instrument to which either is nor a <br />party or by which either is bound, or constitutes a default under any of the foregoing. <br />(2) To the knowledge of each party there is no litigation or proceeding pending or threatened <br />against such party (or against any other person) affecting the rights of such party to execute or deliver <br />this Lease or to comply with its obligations under this Lease. Neither the execution and delivery of this <br />Lease by such party nor compliance by such party of its obligations under this Lease requires the approval <br />of any regulatory body or any other entity, the approval of which has not been obtained. <br />ARTICLE III <br />DEMISING CLAUSE <br />The County hereby leases the Facilities and the Site (the "Leased Property") to the Board of <br />Education, and the Board of Education hereby leases the Leased Property from the County, in accordance <br />with the provisions of this Lease, to have and to hold for the Lease Term. <br />ARTICLE IV <br />LEASE TERM <br />4.1 Commencement. The Lease Term shall commence on October 15, 2024 and end on <br />October 14, 2044. In the event of a refinancing, or series of refinancings, of the original installment <br />financing contract dated as of November 1, 2024 between the County and the Cabarrus County <br />Development Corporation, if the Site remains pledged as collateral for such refinancing or series of <br />refinancings, then the end of the Lease Term shall be continuously extended to match the final maturity <br />of such refinancing or series of refinancings. <br />2 <br />63112517.5-(Marilyn McKinley) <br />Page 318 <br />