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r~ <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />LEASE AGREEMENT <br />THIS LEASE AGREEMENT, made and entered into this the day of <br />2007, by and between ORANGE COUNTY, hereinafter designated as <br />Lessee, and THE STATE OF NORTH CAROLINA ON BEHALF OF 'THE <br />UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, Chapel Hill, North <br />Carolina ,hereinafter designated as Lessor; <br />WITNESSETH: <br />THAT WHEREAS, authority to approve and execute this lease agreement was <br />delegated to the Department of Administration by resolution adopted by the Governor <br />and Council of State on the lst day of September, 1981; and amended the 8`h day of <br />September, 1999 <br />WHEREAS, the Department of Administration has delegated to this State agency <br />the authority to execute this lease agreement by a memorandum dated the 26th day of <br />March 1982; and <br />WHEREAS, the parties hereto have mutually agreed to the terms of this lease <br />agreement as hereinafter set out, <br />NOW THEREFORE, in consideration of the rental hereinafter agreed to be paid <br />and the terms and conditions hereinafter set forth, Lessor does hereby let and lease unto <br />Lessee and Lessee hereby takes and leases from Lessor for and during the period of time <br />and subject to their terms and conditions hereinafter set out certain space in Orange <br />County, North Carolina, more particularly described as follows: <br />Being approximately 0.268 acres known as the recycling area for containers, <br />together wrth anon-exclusive right to use Municipal Drive and any temporary <br />access road that may later be constructed by Lessor. The property is located at <br />1801 Martin Luther King Jr. Blvd/Historic Airport Road, Chapel Hill, Orange <br />County, North Cazolina as shown on the attached map in Exhibit A. <br />THE TERMS AND CONDITIONS OF THIS LEASE AGREEMENT ARE AS <br />FOLLOWS: <br />1. TO HAVE AND TO HOLD said leased premises for a term of nine (9) <br />months commencing on the lst day of January, 2007 or as soon thereafter as the leased <br />premises are ceded to Lessee and terminating on the September 30, 2007. <br />2. The Lessee agrees to pay to the Lessor upon execution of this Lease <br />Agreement at the UNC-CH, Property Office, CB# 1060, 215 West Cameron Ave., <br />Chapel Hill, North Cazolina 27599-1060, the rental fee for the above described property <br />of ONE DOLLARS ($1.00) per term. <br />