Orange County NC Website
Browse       Search
<br />shown in Exhibit B, the notice will describe, in brief and general terms, the <br />proper°ty to be conveyed and the Project to be undertaken with respect to that <br />property, <br />b) After conducting a public hearing as provided in the notice, the <br />School Board will adopt a resolution, substantially in the form of Exhibit C, (i) <br />designating the pr°operty to be conveyed, (ii) describing the contemplated Project, <br />and (iii) requesting the County to accept conveyance of the property and to treat <br />the same as Contract Property under this Agreement, <br />c) The School Board will provide a certified copy of the resolution <br />contemplated in (b) above to the Coruzty, The County will then provide for the <br />County Board promptly to consider the School Board's request, <br />d) If the County determines to accept the conveyance, then the School <br />Board will prepare, execute, deliver and record an appropriate deed to fire County <br />providing for the conveyance, The deed must be acceptable to the County in form <br />and substance. tlpon the recording of the deed, the property described therein <br />autormatically becomes Contract Property under this Agreement, without the need <br />for firrther action by any party, <br />2. The County will lease all Contract Property to the School Board. <br />a) Demise. The County hereby leases each portion of the Contract <br />Property to the School Board, and the School Board hereby leases the Contract <br />Property from the Coruity, in accordance with the provisions of this Agreement, to <br />have and to hold for the Lease Term. The Lease Term convnences automatically <br />upon the recording of the deed constituting the property as Contact Property, <br />without the need for° further action by any party, <br />The School Board must prepare and record a Memorandum of Lease, <br />substantially in the fora of Exhibit D, with respect to each element of the Contact <br />Property promptly upon the conmlencement of the Lease Tenn, <br />b) Termination. The Lease Tenn terrr~inates with respect to any portion <br />of Contact Property upon the reconveyance of that property to the School Board <br />pursuant to Section 4, <br />c) Quiet Enjoyment. The County covena~lts that the School Board will <br />during the Lease Term peaceably and quietly have and hold and enjoy the Contact <br />9443?vl ~ <br />