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3 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />LEASE <br />This lease agreement dated the 5T" day of December, 2011 by and between Orange County, <br />North Carolina, hereinafter called the 'County" and the Orange County Board of Education, <br />hereinafter called the "OCBOE". <br />WITNESSETH: <br />The County hereby leases to OCBOE and OCBOE hereby leases from the County the following <br />described property, hereinafter called the "Leased Premises". <br />1. LEASED PREMISES <br />The Leased Premises is defined as the building and real estate owned by the County at <br />1914 New Hope Church Road, Chapel Hill, North Carolina; more particularly described <br />in the Orange County land records system as PIN number 9872 86 2049. <br />2. TERM OF LEASE <br />The term shall commence on the first-day of January, 2012 and shall terminate on <br />December 31, 2031; or as otherwise provided in this lease. <br />3. RENT <br />In partial consideration for its acquisition of rights to use the Leased Premises during the <br />lease term, the OCBOE hereby agrees to pay to the County total rent for the lease term <br />in the amount of $10, payable at the commencement of this lease, receipt of which the <br />County acknowledges. The County and the OCBOE acknowledge their understanding <br />that although the use of the County's property being provided to the OCBOE for use as <br />operational offices represents substantial value to the OCBOE, any payment by the <br />OCBOE of a market value rent would represent simply an accounting transaction, <br />because the OCBOE's funding is primarily provided through the County. <br />4. USE OF LEASED PREMISES <br />The OCBOE shall use the Leased Premises for the purpose of housing administrative <br />and support staff. The property shall be used for no other purpose without the express <br />written permission of the Orange County Board of Commissioners. <br />5. REPAIR AND MAINTENANCE <br />OCBOE shall, at its own expense, keep the Leased Premises in good repair and in good <br />operating condition, making from time to time all necessary repairs or replacements as <br />may be needed. OCBOE may at its own expense make additions, modifications or <br />improvements to the Leased Premises, provided none of these actions adversely affect <br />the structural integrity of the building or reduce its value in any manner. OCBOE shall <br />request written permission of changes, modifications and improvements from County <br />prior to commencing such work; permission by County shall not be unreasonably <br />withheld. <br />6. UTILITIES <br />Utility costs shall be the sole responsibility of OCBOE. <br />7. SIGNS <br />The OCBOE may provide signage that it deems appropriate to properly direct the <br />students, staff and .public to the services being offered at the Leased Premises. All <br />