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OTHER-2021-024 Lease Modification
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OTHER-2021-024 Lease Modification
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Last modified
8/27/2021 3:08:20 PM
Creation date
8/27/2021 3:07:29 PM
Metadata
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Template:
BOCC
Date
5/18/2021
Meeting Type
Business
Document Type
Others
Agenda Item
8-e
Document Relationships
Agenda - 05-18-2021; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various CIP Projects and To Refinance Existing County Obligations
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
Agenda for May 18, 2021 Board Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
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Attachment 6 <br /> S*H draft of April 21 <br /> Prepared by and return after recording to: <br /> Robert M. Jessup Jr. <br /> Sam Smotherman <br /> Sanford Holshouser LLP <br /> 209 Lloyd St., Suite 350 <br /> Carrboro,NC 27510 <br /> STATE OF ) <br /> NORTH CAROLINA ) LEASE MODIFICATION <br /> ORANGE COUNTY ) <br /> Orange County PIN 9777-99-9032 <br /> THIS LEASE MODIFICATION is dated as of June 1, 2021, and is entered into <br /> by and between ORANGE COUNTY, NORTH CAROLINA, as lessor (the "County"), <br /> and THE BOARD OF EDUCATION FOR THE CHAPEL HILL — CARRBORO <br /> CITY SCHOOLS, as lessee (the "School Board"). <br /> This Modification modifies and amends the Lease dated as of January 1, 2014, and <br /> recorded at Book RIB 5743, Page 518, Orange County Registry(the "Original Lease"). The <br /> County is the record owner of the property subject to the Original Lease and this <br /> Modification, and that property is more particularly described in Exhibit A. <br /> WITNESSETH: <br /> The County and the School Board have previously agreed to cooperate in a plan to <br /> finance, construct and equip improvements to Culbreth Middle School ("Culbreth"). The <br /> County has asked the School Board to modify the Original Lease to extend its term, to <br /> facilitate a refinancing transaction contemplated by the County. <br /> In connection with its refinancing, the County is entering into a Trust Agreement <br /> dated as of June 1, 2021 (the "2021 Trust Agreement"). The County is similarly entering <br /> into a Deed of Trust and Security Agreement, also dated as of June 1, 2021 (the "Deed of <br /> Trust"), to secure the County's repayment obligations under the 2021 Trust Agreement. <br />
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