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~ooK ii r~sE 402 <br />NOW~THEREFORE, __in consideration of„the respective. re resen- <br />tations and agreements hereinafter contained, the Municipalities and the Corporation <br />agree as follows: <br />ARTICLE I <br />Definitions <br />Section 1. 1. Definitions. In addition to the words and terms <br />defined elsewhere herein, the following words shall have the respective meanings <br />set forth below: <br />"Airport" means the Sanford-Lee County Municipal Airport. <br />"Commission" means the Sanford-Lee County Airport Commission. <br />"Corporation"- means the Central Carolina Aviation, Inc. <br />® "FAA" means the Federal Aviation Administration. <br />"Lease" means this Lease Agreement. <br />"Municipalities" means jointly the City of Sanford, North Carolina, <br />and the County of Lee, State of North Carolina. <br />"Premises" means all of the property described in Section 3. 2 of <br />this Lease, including all subparagraphs and exhibits. <br />"State" means the State of North Carolina. <br />ARTICLE II <br />Representations <br />Section 2. 1. Representations by the Municipalities. The Municipal- <br />ities make the following representations as the basis for the undertakings on its <br />® part herein contained: <br />(a) The Municipalities are a municipal corporation and a political <br />subdivision, which is a body both politic and corporate, of the State of North <br />