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Assignment And Assumption of Leasehold

This is an actual contract by Cogentrix Energy.

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Sectors: Services
Governing Law: North Carolina, View North Carolina State Laws
Effective Date: October 31, 2001
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Prepared by and after recording return to:

Moore & Van Allen PLLC
100 N. Tryon Street, Floor 47
Charlotte, North Carolina 28202
Attn: Bryan P. Durrett, Esq.


STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG


ASSIGNMENT & ASSUMPTION OF TENANT LEASEHOLD INTEREST


This ASSIGNMENT & ASSUMPTION OF TENANT LEASEHOLD INTEREST (this " Assignment ") is made and entered into effective as of 11:59 p.m. on the 31st day of October, 2001 by and between EQUIPMENT LEASING PARTNERS, a North Carolina general partnership (" Assignor "), and COGENTRIX ENERGY, INC., a North Carolina corporation (" Assignee ").


W I T N E S S E T H :


A. Assignor, COGENTRIX, INC., a North Carolina corporation, CI PROPERTIES, INC., a North Carolina corporation, as "Tenant", and ARROWPOINT ASSOCIATES LIMITED PARTNERSHIP, a North Carolina limited partnership, as "Landlord" (" Landlord ") are parties to that certain Amended and Restated Land Lease Agreement dated February 18, 1988 (the " Original Lease "), a memorandum of which is recorded in Book 7381, Page 877, Mecklenburg County Public Registry. The Original Lease has been amended by that First Amendment to Amended and Restated Land Lease Agreement dated August 31, 1993, and recorded in Book 7442, Page 659, Mecklenburg County Public Registry, pursuant to which (i) CI Properties, Inc. assigned its interest in the Original Lease to Assignor and was released from liability under the Original Lease, and (ii) Cogentrix, Inc. assigned its interest in the Original Lease to Assi gnor and guaranteed the obligations of Assignor under the Original Lease. The Original Lease, as amended by such amendment, is referenced herein as the " Land Lease ". The Land Lease covers two tracts of land containing in the aggregate 4.853 acres, more or less, located on the easterly margin of Arrowpoint Boulevard in Mecklenburg County, North Carolina and more particularly described in the Land Lease;

B. Assignor has agreed to assign, and Assignee has agreed to assume, all of Assignor's rights, title, benefits, interest, duties and obligations as tenant in, to and under the Land Lease on the terms contained herein; and

C. Subject to the terms and conditions set forth therein, Landlord has consented to the assignment and assumption of Assignor's rights, title, benefits, interest, duties and obligations as tenant in, to and under the Land Lease and the release of Assignor and Cogentrix, Inc. from any further duties, liabilities and obligations under the Land Lease from and after the effective date and time hereof, and has agreed to acknowledge such consent and release by executing this Assignment.

NOW, THEREFORE , for and in consideration of Ten and No/100 Dollars ($10.00) and the mutual covenants contained herein, the receipt and sufficiency
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