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BK - 00025 PG:0203 <br />STATE OF NORTH CAROLINA <br />COUNTY OF LEE INTERLOCAL AGREEMENT <br />This Interlocal Agreement entered into this the &— day of October 2012 by and between <br />the County of Lee, a body politic and corporate of the State of North Carolina, hereinafter "Lee <br />County" and Central Carolina Community College, a constituent part of the North Carolina <br />Community College System, hereinafter "Community College ". <br />WITNESSETH <br />WHEREAS, Lee County has entered into an agreement to purchase a tract of land with <br />improvements thereon, 408 Summit Drive, Sanford, NC — PIN# 964259097600 [hereinafter <br />referred to as the Summit Drive Property], from Paul O. Howard and Barbara E. James, <br />hereinafter referred to as "Grantors "; and <br />WHEREAS, as an integral part of said transaction, the Grantors are conveying by gift, <br />for the ultimate benefit of the Community College, another tract of land with improvements <br />thereon, 128 -134 Steele Street, Sanford, NC — PIN# 964269761400 [hereinafter referred to as <br />the Steele Street Property]; and <br />WHEREAS, it is the desire of the Grantors that these transactions redound ultimately to <br />the benefit of the Community College; and <br />WHEREAS, for legal, financing and practical reasons, both properties must initially be <br />deeded into Lee County; and <br />WHEREAS, the parties desire to enter into an agreement to regulate their future <br />dealings with the Summit Drive Property and the Steele Street Property. <br />NOW THEREFORE, for the mutual benefits to be derived hereunder and pursuant to <br />N.C. Gen. Stat. §160A -461 and other relevant North Carolina Law, the parties enter into this <br />Interlocal Agreement: <br />1. Upon acquisition of the Summit Drive Property, Lee County will up fit and <br />