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NORTH CAROLINA <br />CABARRUS COUNTY <br />LEASE — Mary Frances Wall <br />THIS LEASE is entered into by and between CABARRUS COUNTY, NORTH CAROLINA, a public body <br />politic and a political subdivision of the State of North Carolina, as Lessor (the "County"), and the <br />CABARRUS COUNTY BOARD OF EDUCATION, a body politic and school administrative unit duly organized <br />and existing under the laws of the State of North Carolina, as Lessee (the "Board of Education); <br />WITNESSETH: <br />The County and the Board of Education have previously determined to cooperate in a plan for the <br />construction and financing of improvements upon real property for certain public -school facilities which <br />each has found to be necessary and desirable to provide for improved public education in the County. <br />Included in that plan are improvements to various schools, one of which is the property shown on <br />Exhibit A (the "Site"). <br />In furtherance of this plan to provide for improved public -school facilities for County residents, <br />the County proposes to lease the Site, and the Board of Education has determined to accept such lease. <br />NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein <br />contained, the parties agree as follows: <br />ARTICLE I <br />DEFINITIONS; RULE OF CONSTRUCTION <br />The following terms will have the meanings specified below, unless the context clearly requires <br />otherwise: <br />"Event of Default" means one or more events of default as defined in Section 12.1. <br />"Lease" means this Lease, as it may be duly amended. <br />"Lease Term" means the term of this Lease as determined pursuant to Article IV. <br />Page 84 <br />