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SHLF draft of February 21, 2006 <br />Prepared by and return after recording to: <br />Robert M. Jessup Jr. <br />Sanford Holshouser LLP <br />Post Office Box 2447 <br />Raleigh, NC 27602 <br />STATE OF ) <br />NORTH CAROLINA ) LEASE <br />ORANGE COUNTY <br />THIS LEASE is dated as of April 1, 2006, and is entered into by and <br />between ORANGE COUNTY, NORTH CAROLINA, as lessor (the "County"), <br />and THE ORANGE COUNTY BOARD OF EDUCATION, as lessee (the <br />"School Board"). <br />WITNESSETH: <br />The County and the School Board have previously agreed to cooperate in a <br />plan far the acquisition, construction and financing of a ne~~T middle school for use <br />by the School Board (the "Middle School"), as more particularly described on <br />Exhibit A. The Middle School will lie on a site in Orange County, North Carolina, <br />as described on Exhibit B {the "Site"). The County is the record owner of the Site. <br />To pro~Tide financing for the Middle School, in accordance with the agreed- <br />upon plan, the County has entered i11to an Installment Financing Contract (the <br />"Financing Contract") u~•ith Orange County Public Facilities Company (the <br />"Company"). To secure its obligations under the Financing Contract, the County <br />has executed and delivered a Deed of Trust and Security Agreement (the "Deed of <br />Trust") imposing a lien on the Site (and the improvements thereon) far the <br />Company's benefit. <br />The County proposes no«- to lease the Middle School and the Site to the <br />~3s6s~ <br />