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

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0 900K 19 PAGE 556 STATE OF NORTH CAROLINA LEASE COUNTY OF LEE THIS AGREEMENT, made this 7th day of October 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 160A 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 corner of Steele Street and Cole Street, on condition that the City subleases it to Downtown Sanford, Inc., a non-profit corporation organized and existing tinder the laws of the State of North Carolina. 2. The City and Downtown Sanford, Inc.'(DSI) shall continue to use said premises to operate a parking lot for automobiles. 3. Downtown Sanford, Inc shall have the right to sublease said spaces to the public, provided that DSI retains at no cost, 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; four (4) spaces for employees of the Lee County Parks and Recreation Department, 24 hours per day, Saturday and Sunday; and twenty two (22) spaces for residents of the Wilrik Apartments, 24 hours per day, 7 days a week. 4. The term of the lease shall extend for a period of nine years beginning November 1, 2003 and ending November 1, 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 November 1, 2003. 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 the other party.