2006 - 11-13-06 Regular Meeting - Laserfiche WebLink

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Aft" BOOK 21 PAGE 332 'It WHEREAS. the Cotmty intends to construct and equip a new middle school facility on the Site. as more fully clescrihed in Exhibit A to the Installment Financinu Contract hereinafter mentioned (the `2006 Project'), for the use of the Board of Education pursuant to the terms of the Original Lease. as amended by this First Amendment: WHEREAS. the County has arran«ed to finance the costs of the 2006 Ptaject pursuant to an Installment Financinu Contract. dated as of January 1. 2004- as amended by Amendment Number One to the Installment Financim, Contract. dated as of December 1. 2006 (collectively. the "Agrecment between the Count) and Lee County Development Corporation (the Corporation"). pursuant to which the Corporation ~aill advance to the Count\ amounts suftlcient to pay the costs of the 2006 Project, and the County has agreed to repa} the advance. with interest. in installments. \VrHEREAS. pursuant to Section 160A-274(b) and Section 153A-158.1 of the General Statutes of'North Carolina, as amended, the County may lease to the Board of Education, and the Board of Education may lease fi'om the County, upon such terms and conditions as the County and the Board of Education deem wise. vNith or without consideration. am' interest in real or personal property that the County may own; WHEREAS. the parties hereto have mutually m,reed to amend the terms of the Ori<,inal Lease as set forth in this First .Amendment, NOW THEREFORE. in consideration of the premises. the rents to be paid_ tile 111LItLial covenants and agreements herein contained and other good and valuable consideration. the receipt and legal sufficiency of which are hereby acknowled-ed by the parties hereto, the County and the Board of Education hereby agree that the Original Lease shall be amended as hereinafter set forth. to wit. Section 1. Extension of Term of Lease. The Term of the Lease shall be extended and shall terminate.-subject to prior termination as pi-mided in the Lease, at 12:00 midnight. on January 1. 2029. Section 2. Conforming Amendments to the Ori(=final Lease. (a) All references in the Orin=inal Lease to operation Of a public high school are hereby amencled to mean operation ofa public hip=h school or middle school. (b) All references in the Original Lease to the "Agreement" are hereby amended to mean the .Aureement as detinecl in this First Amendment. (c) All references in the Original Lease to the --lndenture" are hereby amended to mean the Indenture of Trust. dated as of January I. 2004. as supplemented and amended by Supplemental Indenture. Number 1. dated as of December 1. 2006. each betrceen the Lee County Development Corporation and First-Citizens Bank & Trust Company. as trustee. (d) All references in the OriLinal Lease to the "Project - are hereby amended to mean the Projects as defined in the ALreement.