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

Home Browse Search

W BOOK 21 PAGE 3) '6 0 HMW DRAFT 2 CONSTRUCTION AND ACQUISITION AGREEMENT This CONSTRUCTION AND ACQUISITION AGREEMENT, dated as of December 1, 2006 (the "Agreement"), between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate and a political subdivision existing under the laws of the State of North Carolina (the "County") and THE LEE COUNTY BOARD OF EDUCATION, a body corporate existing under the laws of the State of North Carolina (the "Board of Education"). WITNESSETH: WHEREAS, the County is a body politic and corporate and a political subdivision existing under the laws of the State of North Carolina vested with the powers and authority conferred upon counties by the laws of the State of North Carolina, acting through its Board of Commissioners; WHEREAS, the Board of Education is the governing board of the Lee County local school administrative unit of the public school system of the State of North Carolina, vested with the powers and authority conferred upon boards of education by the laws of the State of North Carolina, including general control and supervision of all matters pertaining to the public schools in the County; WHEREAS, the County owns a certain parcel of real property (the "Site") more fully described in Exhibit A to the Lease (hereinafter mentioned) and intends to construct and equip a new middle school facility thereon, as more fully described in Exhibit A to the Installment Financing Contract hereinafter mentioned (the "2006 School Project"), for the use of the Board of Education pursuant to the terms of the Lease as hereinafter described; WHEREAS, the County has arranged to finance the costs of the 2006 School Project pursuant to an Installment Financing Contract, as amended (the "Installment Financing Contract"), between the County and Lee County Development Corporation (the "Corporation"), pursuant to which Installment Financing Contract the Corporation has advanced to the County amounts sufficient to pay the costs of the 2006 School Project, and the County has agreed to repay such advancement, with interest, in installments (the "Installment Payments"); WHEREAS, the County's obligations under the Installment Financing Contract, including the making of the Installment Payments thereunder, is secured by a certain Deed of Trust, of even date herewith (the "Deed of Trust"), granting a lien on the Site and all buildings, improvements and fixtures located and to be located thereon, all as more fully described in the Deed of Trust; WHEREAS, the County, as lessor, and the Board of Education, as lessee, have entered into a Lease Agreement, dated as of January 1, 2004, as amended by a First Amendment to Lease Agreement, dated of even date herewith (collectively, the "Lease"), pursuant to which the County