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STATE OF NORTH CAROLINA <br />COUNTY OF LEE <br />E <br />BOOK F O PAGE 925 <br />LEASE <br />THIS AGREEMENT, made this day of , <br />2006, between the City of Sanford, a North Carolina municipal corporation, <br />located in Lee County, a body both corporate and politic and one of the one <br />hundred counties of North Carolina, herein referred to as the City; and Lee <br />County, a body both corporate and politic and one of the one hundred counties of <br />North Carolina, herein referred to as the County. <br />In consideration of the mutual covenants herein set out, the parties agree as <br />follows: <br />Pursuant to the authority contained in G.S. 153 and 160A and in consideration of <br />the mutual covenants herein set out, the parties agree as follows: <br />1. The City hereby leases to the County, in the City owned parking lot <br />located on the northwest corner of Steele Street and Cole Street, fourteen <br />(14) spaces for use by employees of Lee County, from 8:00 am to 5:00 <br />pm, Monday-Friday; four (4) spaces for employees of Lee County, 24 <br />hours per day, Saturday and Sunday; and twenty-two (22) spaces for <br />residents of the Wilrik Apartments, 24 hours per day, 7 days a week. <br />2. The City shall lease the balance of the parking lot to Downtown Sanford, <br />Inc., a non-profit corporation organized and existing under the laws of the <br />State of North Carolina, by a separate agreement. <br />3. The County and Downtown Sanford, Inc., (DSI) shall continue to use said <br />premises to operate a parking lot for automobiles. <br />4. The term of this lease with respect to the parking spaces for County <br />employees shall continue as long as the County owns the building at 225 <br />S. Steele Street, Sanford NC, and with repect to the parking spaces for <br />residents of the Wilrik Apartments as long as necessary to meet the <br />zoning requirements of the City. <br />5. The County shall pay the City for the use of the leased parking spaces, <br />the amount of One Dollar ($1.00) per year, payable on or before May 1, <br />2006. <br />6. The lease between the County and City dated October 7, 2003 is <br />repealed. <br />