Agenda - 11-28-1977 - Laserfiche WebLink

Browse Search

Page 2 NOW, THEREFORE, in consideration of the aforesaid, the mutual co enants and conditions hereinafter set forth, and the capital participation by the Town in the development of the recreational fields owned by the Board of Education, the Board of Education does hereby :Let and lease unto the Town and the Town does here y accept as Lessee of the Board of Education those certain p emises consisting of the Lincoln gymnasium and shop building ituated on the west side of Merritt Mill Road in the Town of C apel Hill, and more particularly described as follows : The gymnasium facility as shown on the Attachment A to this Lease Agreement consisting of a 60 X 90 foot gymnasium and related facilities , and being a portion of Wing C as designated thereon together ith the shop building consi_stizig of ____ square feet. TO HAVE AND TO HOLD said premises unto the Town upon the terms and the conditions hereinafter set forth: l.. Term. This Lease Agreement shall begin as of the lst day of January, 1978, and unless sooner terminated as provided herein shat exist and continue for a period of thirty (30) years thereafter until the 31st day of December, 2007, 2. Rents . As rental, for said premises , Town agrees to pay to the Board of Education without demand the sum. of ONE DOLLAR ($1. 00) per year, in advance, during the term of this Lease. 3. lm ro ements . As a part of the consideration for this Lease Agreement, Town agrees at its own costs and expense, to close the connecting entrance ways between the gymnasium facility and the remainder of the Lincoln Center structure. as shown on Attachment A in such manner as shall be satisfactory to the Board of Education., and insofar as possible to divide the utilities serving said premiss it being Understood and agreed that these improvements are mandatory prior to the use of the premises under this LAPAP All