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5 <br /> sites to Tenant so as to allow Tenant to reclaim sales and use taxes paid by project <br /> contractors and vendors. Tenant intends to apply the reclaimed sales tax amounts <br /> toward paying for additional capital projects for public schools or toward paying debt <br /> service on borrowings incurred for school capital projects. <br /> Tenant has designated Landlord as its agent to carry out the projects, and <br /> Landlord has accepted the appointment pursuant to the terms of the Interlocal <br /> Agreement, as defined below. <br /> N.C. Gen. Stat. Sections 115C-518, 160A-272 and 160A-274 authorize <br /> Landlord to Master Lease its property to Tenant. N.C. Gen. Stat. Sections 153A-11 and <br /> 153A-158 authorize Tenant to Master Lease property from Landlord. <br /> NOW, THEREFORE, for and in consideration of the mutual promises <br /> contained herein, the parties agree as follows: <br /> ARTICLE I <br /> BASIC MASTER LEASE INFORMATION <br /> 1.1 Defined Terms. In addition to the terms that are defined elsewhere in this <br /> Master Lease, these terms are used in this Master Lease: <br /> 1.1.1 LAND: The land described in Section 2.1, which is more specifically <br /> described on Schedule 1. <br /> 1.1.2 IMPROVEMENTS: The improvements now or hereafter located on the <br /> Land whether placed thereon by Landlord, Tenant, or their respective agents. <br /> 1.1.3 LEASED PREMISES: The Land together with all easements and rights of <br /> access over and upon the Land, as defined more particularly in Section 2.1. <br /> 1.1.4 INTERLOCAL AGREEMENT: The interlocal agreement entitled <br /> "Agreement for the Construction and Renovation of Various School Projects" executed <br /> by Tenant and Landlord and dated as of , 2026,as the same maybe properly <br /> amended from time to time. <br /> 2 <br />