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LEGAL DEPARTMENT <br /> <br />CITY OF MARTINSVILLE <br />VIRGINIA <br /> <br />Enclosure <br /> <br /> MEMORANDUM OF UNDERSTANDING <br /> <br /> WHEREAS, Martinsville Redevelopment and Housing Authority, a political <br />subdivision organized and existing under the laws of Virginia, has this day leased from Lesa <br />Stone Vinson, in her individual capacity and in her capacity as Trustee of the James Wade <br />Adkins Irrevocable Trust, those certain premises located at 107 West Church Street for a term <br />of five (5) years, with a right of renewal for an additional five (5) years, for the purpose of <br />allowing Patrick Henry Community College to use said premises in the conduct of its motor <br />sports trait!lng program, <br /> <br /> NOW THEREFORE, THIS MEMORANDUM OF UNDERSTANDING dated this <br /> <br />l0th day of April, 2002, by and between MARTINSVILLE REDEVELOPMENT AND <br /> <br />HOUSING AUTHORITY, party of the first part, and PATRICK HENRY COMMUNITY <br />COLLEGE, a community college organized and existing under the laws of Virginia, party of <br />the second part, <br /> <br /> WlTNESSETH: <br /> <br /> That for and in consideration of the promises, it is understood and agreed between the <br />parties hereto, as follows: <br /> <br /> 1. The party of the second part shall reimburse the party of the first pm't for all rental <br />payments made by the party of the first part either under the original term of the lease, or the <br />renewal thereof, within ten days after payments have been made to the Lessors. <br /> <br /> 2. The party of the second part, in order to induce Lessors to enter into said lease, has <br />agreed, and does hereby agree, to make all of the improvements to the leased premises shown <br />on that certain list of same attached hereto and made a part of this memorandum as Exhibit 1 <br /> <br /> <br />