2003 - 09-15-03 Regular Meeting - Laserfiche WebLink

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0 0 6G0K 19 PACE 554- LEASE NORTH CAROLINA LEE COUNTY THIS AGREEMENT, made this day of 2003, between Lee County, herein referred to as the County, and the City of Sanford, a North Carolina Municipal Corporation, located in Lee County, North Carolina, herein referred to as the City. In consideration of the mutual covenants herein set out, the parties agree as follows: Pursuant to the authority contained in G.S. 153 and in consideration of the mutual covenants herein set out, the parties agree as follows: 1. The County hereby leases to the City, the County owned parking lot located on the northwest comer of Steele Street and Cole Street, on condition that the City subleases it to Downtown Sanford, Inc., a non-profit corporation organized and existing under the laws of the State of North Carolina. 1 The City and Downtown Sanford, Inc. (DST) shall continue to use said premises to operate a parking lot for automobiles. i 3. Downtown Sanford, Inc shall have the right to sublease said spaces to the public, k~ ~ , provided that DSI retains (36) individual parking spaces at no cost, specifically j 5 fourteen (14) spaces for employees of the Lee County Parks and Recreation Department, from 8:00 a.m. and 5:00 p.m., Monday through Friday, and twenty two Y w (22) spaces for residents of the Wilrik Apartments, 24 hours 7 days a week. 4-0 4. The tenn of the lease shall extend for a period of nine years beginning { 2003 and ending , 2012. 5. The City shall pay the County for the use of the leased parking lot the amount of nine dollars ($1.00 per year), payable on or before 12003. 6. The City shall be responsible for all maintenance and upkeep on said premises. 7. Either party reserves the right to terminate this lease upon ninety (90) days written notice to tke-Connty._ In testimony whereof, the parties have executed this lease in duplicate originals, one of which is retained by each of the parties.