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EXHIBIT B <br /> STATE OF N RTH CAROLINA <br /> LEASE _AGREEMENT <br /> COUNTY OF ORANGE <br /> THIS GREEMENT, made and entered into by and between. THE <br /> CHAPEL HId-CARRBORO CITY BOARD OF EDUCATION, a school administra- <br /> tive unit pnder the laws of the State of North Carolina, Party of <br /> the First (Part, hereinafter sometimes referred to as "The Board of <br /> Education" and THE TOWN OF CHAPEL HILL, a municipal corporation <br /> under the laws of the State of North Carolina, Party of the Second <br /> Part, hereinafter sometimes referred to as " The Town" ; <br /> W I T N E S S E T H <br /> THAT I EREAS , the Board of Education is the owner of certain <br /> real properties together with the improvements thereon situated on <br /> the west side of South Merritt Mill. Road in the Town of Chapel Hill <br /> and <br /> WHERE S; a portion of said premises consists of a gymnasium <br /> and bath f cilities and a shop building, and <br /> WHE S, it has been determined by the Board of Education that <br /> it is not in the interest of the Board of education that said premi; <br /> or any portion thereof be disposed of in fee simple at this time, ai <br /> WHE S, it has been further determined by said Board of Educa; <br /> that upon ompletion of the storage facilities at the Lincoln Cente: <br /> that the gimnasium and shop building will no longer be needed for <br /> school pur oses for at least a period of thirty (30) years, and <br /> WHE S, the Board of Education is authorized by law to contra, <br /> and agree � ith the Town for the Lease of said premises under these <br /> circumstan es. <br />