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BK:00028 PG -0442 <br />STATE OF NORTH CAROLINA <br />COUNTY OF LEE ) LEASEHOLD AGREEMENT <br />THIS LEASEHOLD AGREEMENT, made and entered into this day of <br />2016, by and between the Lee County Arts and Community Center, Inc. (hereinaftereferred to <br />as "Lessor"), a non-profit corporation chartered under the laws of the State of North Carolina, <br />and the County of Lee (hereinafter referred to as "Lessee"), one of the counties of the State of <br />North Carolina and a body both politic and corporate. <br />WHEREAS the parties hereto have mutually agreed to the terms of this lease agreement as <br />hereinafter set out. <br />NOW, THEREFORE, for and in consideration of the mutual promises contained herein with <br />mutual benefits to result therefrom, Lessor and Lessee agree to the following terms and <br />conditions of the lease: OR: <br />In consideration of the purposes to be effectuated as hereinbefore set forth and in further <br />consideration of the sum of One Dollar ($1.00), the receipt of which is hereby acknowledged, <br />Lessor does hereby demise and lease unto the Lessee the certain parcel of land which is a <br />basketball court located on the property owned by the Lee County Arts and Community Center, <br />INc. <br />TO HAVE AND TO HOLD said land and premises, together with all privileges and <br />appurtenances thereunto belonging, to Lessee and its successors and assigns for the term and <br />upon the conditions hereinafter set forth and subject to the reservation of rights as to the <br />basketball court as hereinafter set forth: <br />1. Premises: Lessor does hereby let and lease unto Lessee and Lessee hereby takes and <br />leases from Lessor property of a basketball court which is owned by the Lee County Arts <br />and Community Center. <br />2. Term: This Lease shall begin on day of , 2016, and unless sooner <br />terminated as herein provided, shall exist and continue until June 30, 2051. <br />3. Insurance: Lessee shall maintain liability insurance covering the premises. <br />