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LEASE <br /> THIS LEASE, dated as of January _, 1995, and entered into by <br /> and between the County of Orange, North Carolina, a political <br /> subdivision of the State of North Carolina, as lessor (the <br /> "County") , and The Chapel Hill-Carrboro City Board of Education, a <br /> body corporate which has general control and supervision of all <br /> matters pertaining to the public schools in the Chapel Hill- <br /> Carrboro City Schools, its respective school administrative unit, <br /> and is duly organized and existing under the laws of the State of <br /> North Carolina, as lessee (the "Board of Education") , <br /> W I T N E S S E T H: <br /> WHEREAS, the County and the Board of Education have previously <br /> determined to cooperate in a plan for the acquisition, <br /> construction, equipping and financing of a project which each has <br /> found to be necessary and desirable to provide for improved public <br /> school facilities and improved public education in the County; and <br /> WHEREAS, such project consists of a new elementary school for <br /> use by the Chapel Hill-Carrboro City Schools, including parking <br /> areas, sidewalks and other appurtenant facilities, landscaping and <br /> other related site work (such school and other facilities and <br /> improvements being herein collectively called the "Improvements") , <br /> on a site adjacent to the site of McDougle Middle School as more <br /> particularly described in Exhibit A hereto (the "Site") ; and <br /> WHEREAS, as a part of such plan, the Board of Education has <br /> executed a General Warranty Deed, made the day of January 1995, <br /> conveying the Site to the County; and <br /> WHEREAS, as a part of such plan, the County has entered into <br /> an Installment Purchase Contract, dated as of January , 1995, <br /> between the County and NationsBank of North Carolina, N.A. , and <br /> providing for the financing of the acquisition, construction and <br /> equipping of the Improvements (the "Installment Purchase <br /> Contract") , a copy of which is attached hereto as Exhibit B; and <br /> WHEREAS, as a part of such plan, the County and the Board of <br /> Education have entered into an Agreement Concerning the <br /> Acquisition, Construction and Equipping of Improvements for the <br /> Chapel Hill-Carrboro City Schools, dated as of January _, 1995, <br /> providing, among other matters, for the acquisition, construction <br /> and equipping of the Improvements (the "Agreement") ; and <br /> BWNY/133845.2/15880/00013/1537 December 14, 1994 <br />