Agenda - 02-17-2004-8g - Laserfiche WebLink

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NORTH CAROLINA ORANGE COUNTY LEASE This lease agreement, dated the seventeenth day of February 2004, by and between Orange County, North Carolina, hereinafter called the 'County" and the Orange County Board of Education, hereinafter called the "School Board", WITNESSETH: The County hereby leases to the School Board and the School Board hereby leases from the County the following described property, hereinafter called the "premises", PREMISES Property defined as the "grass covered portion of the lot" located at the southeast corner of Tryon and Hassell Streets, Hillsborough, North Carolina as shown on the attached drawing (attachment #1) and six parking spaces in the gravel parking lot immediately south of the modular unit, all of the property herein referred to as "the premises". 2. TERM OF LEASE The term shall commence on the first day of Febnaary 2004 and shall end on June 30, 2006, or upon termination of the zoning permit issued for the modular unit situated on the premises by the Town of Hillsborough, whichever comes first, 3. RENT In partial consideration for its acquisition of rights to use the Premises during the lease term, the School Board hereby agrees to pay to the County total rent for the lease term in the amount of $10, payable at the commencement of this lease, receipt of which the County acknowledges. The County and the School Board acknowledge their understanding that although the use of the County's property being provided to the School Board for its use as the site for a temporary facility from which to operate an alternative school represents substantial value to the School Board, any payment by the School Board of a market value rent would represent simply an accounting transaction, because the School Board's funding is primarily provided through the County. 4, USE OF PREMISES The School Board shall use the premises far the purpose of locating a modular classroom unit previously leased by the County from GE Capital for use as a temporary alternative school site, The property shall be used for no other purpose. 5. PARKING The School Board shall be assigned six parking spaces in the gravel parking lot area immediately south of the modular unit. School Board and County staff will collaborate as may be needed on the exact location of the parking spaces, Signage to designate parking, if any, shall be provided by the School Board. Student parking at the premises or on County parking lots associated with the Whiffed Human Services Center is prohibited,