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"Leased Property" means the Improvements and the Site <br /> collectively. <br /> All references to articles or sections are references to <br /> articles or sections of this Lease, unless the context clearly <br /> indicates otherwise. <br /> ARTICLE II <br /> REPRESENTATIONS, COVENANTS AND WARRANTIES <br /> The County and the Board of Education each represent, covenant <br /> and warrant for the other's benefit as follows: <br /> (1) Neither the execution and delivery of this Lease, nor the <br /> fulfillment of or compliance with its terms and conditions, nor the <br /> consummation of the transactions contemplated hereby, results or <br /> will result in a breach of the terms, conditions and provisions of <br /> any agreement or instrument to which either is now a party or by <br /> which either is bound, or constitutes a default under any of the <br /> foregoing. <br /> (2) To the knowledge of each party, there is no litigation or <br /> proceeding pending or threatened against such party (or against any <br /> other person) affecting the rights of such party to execute or <br /> deliver this Lease or to comply with its obligations under this <br /> Lease. Neither the execution and delivery of this Lease by such <br /> party, nor compliance by such party with its obligations under this <br /> Lease, requires the approval of any regulatory body or any other <br /> entity the approval of which has not been obtained. <br /> ARTICLE III <br /> DEMISING CLAUSE <br /> The County hereby leases the Leased Property to the Board of <br /> Education and the Board of Education hereby leases the Leased <br /> Property from the County, in accordance with the provisions of this <br /> Lease, to have and to hold for the Lease Term. <br /> Notwithstanding anything in this Lease to the contrary, the <br /> Board of Education's rights to possession of the Leased Property, <br /> its rights to purchase the Leased Property pursuant to Section 5. 2, <br /> and all of its other rights under this Lease are subordinate to the <br /> rights of NationsBank of North Carolina, N.A. , the beneficiary <br /> under the Deed of Trust and Security Agreement, dated as of <br /> January _, 1995, from the County to , Trustee, and <br /> its successors and assigns, and relating to the Leased Property <br /> BWNY/133845.2/15880/00013/1537 December 14, 1994 3 <br />