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Cognitive radio (CR) networking achieves high utilization of the scarce spectrum resources without causing any performance degradation to the licensed users. Since the spectrum availability varies over time and space, the infrastructure-based CR networks are required to have a dynamic inter-cell spectrum sharing capability. This allows fair resource allocation as well as capacity maximization and avoids the starvation problems seen in the classical spectrum sharing approaches. In this paper, a joint spectrum and power allocation framework is proposed that addresses these concerns by (i) opportunistically negotiating additional spectrum based on the licensed user activity (exclusive allocation), and (ii) having a share of reserved spectrum for each cell (common use sharing). Our algorithm accounts for the maximum cell capacity, minimizes the interference caused to neighboring cells, and protects the licensed users through a sophisticated power allocation method. Simulation results reveal that the proposed inter-cell spectrum sharing framework achieves better fairness and higher network capacity than the conventional spectrum sharing methods.