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DRAFT <br />month following the Commencement Date. Each succeeding Lease Year shall commence upon <br />the anniversary date of the initial Lease Year. <br />2.3 Use. The Premises shall be used exclusively for the following purposes and such use shall be undertaken in <br />a manner which complies with applicable law as now or hereafter enacted or construed: Athletic Facilities <br />Adjacent to Middle School: <br />ARTICLE III. RENT. COMMON AREAS. OTHER COSTS <br />3.1 Land Rent. The Land Rent shall be One Dollar and No Hundredths ($1.00) for the initial Term of the <br />lease and any extensions thereof. <br />ARTICLE IV. CONSTRUCTION OF LEASED PREMISES. <br />4.1 Submittal of Plans. Following the execution of this Lease, Tenant (or its Sub-Tenant) agrees to submit to <br />Landlord for its approval, complete architectural and engineering plans and specifications for the Leased <br />Premises (the "Plans") identified at Exhibit C, prepared by Tenant's architects and engineers, describing all <br />work required to construct improvements upon the Leased Premised. Tenant (or its Sub-Tenant), at <br />Tenant's expense, shall cause the Improvements constructed for or on behalf of Tenant to be constructed in <br />good and workmanlike manner and in strict compliance with applicable law and regulations, including but <br />not limited to environmental and construction permits and the Improvements shall when complete be and <br />continue to be in conformity with all applicable laws, including, but not limited to, all applicable building <br />codes. All regulatory fees (including acreage fees, development fees, tap fees, and the like) solely <br />applicable to the Leased Premises levied by the Town of Chapel Hill, Town of Carrboro, Orange County, <br />or the State of North Carolina shall be paid by Tenant. <br />4.2 Commencement/Completion of _ the Improvement . Tenant agrees to commence construction of the <br />Improvements reflected in the Plans and to complete the construction thereof based upon Tenant's <br />construction schedule identified at ExhibitDor as same may from time to time be altered. Construction <br />shall be deemed complete upon the issuance of an Unconditional Certificate of Compliance (or equivalent <br />certificate as may then be issued) by Town of Chapel Hill and/or the Town of Carrboro, North Carolina. <br />Notwithstanding the foregoing, the Landlord may terminate this lease if construction is not begun within <br />365 days of the Commencement Date or if the construction not completed (as defined above) within three <br />(3) years from the date construction begins. Upon completion of construction, Tenant shall deliver to <br />Landlord a Certificate of Substantial Completion executed by the architect for the Improvements and a <br />complete set of as-built Plans for the Improvements. Tenant shall thereafter furnish Landlord with copies <br />of the updated Plans showing all changes and modifications thereto (if any). Tenant shall also furnish to <br />Landlord copies of Certificates of Occupancy or other similar documents issued to certify completion of <br />construction in compliance with applicable requirements. <br />4.3 Inspection of Construction. Landlord shall have the right to enter upon the Leased Premises during <br />construction for the purpose of inspecting the ongoing construction of any Improvements located on the <br />leased premises. Landlord reserves the right to inspect construction in progress to assure that work <br />conforms to the plans and specifications approved by the Landlord and the Office of State Construction and <br />Department of Insurance. Tenant and Sub-Tenant agree that they will permit inspections by representatives <br />of the Office of State Construction and the Department of Insurance. <br />4.4 Performance Guaranty and Financing Approval. No construction of the Improvements shall commence <br />until Tenant has provided evidence, reasonably satisfactory to Landlord, that there has been (1) a binding <br />commitment or allocation of sufficient funds by Tenant to complete the construction of the Improvements, <br />and (2) Tenant has made a legally binding commitment to complete the construction of the Improvements <br />using the funds so allocated. <br />4.5 Allocation of Responsibility. During the term of this Lease, Tenant shall be responsible for the Premises