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,~ <br />NORTH CAROLINA <br />COUNTY OF ORANGE LEASE AGREEMENT RENEWAL <br />WHEREAS a lease agreement was made and entered into as of the first day of March, <br />1996 by and between the Devisees of Orville B. Campbell, whose interests were <br />purchased in July, 1996 by the County of Orange, hereinafter referenced as the County, <br />and Coldwell Banker, hereinafter referenced as Tenant, for space to be used as offices <br />for the Tenant at 501 West Franklin Street, Chapel Hill, North Carolina; <br />WHEREAS, the County and the Tenant mutually agree to the following: <br />The lease agreement will be continued for a period of three years <br />commencing on March 1, 1999 and ending at 12:00 midnight on February <br />28, 2002. <br />2. Rent for the renewal term is set as follows: <br />The total rental for the three year renewal term shall be one hundred sixty <br />thousand two hundred and fifteen dollars ($160,215) payable in equal <br />monthly installments of $4,341 each, for the first year and an annual <br />increase of two and one half percent (2 .5 %) increase for each year <br />thereafter. <br />3. Section 32 shall be modified to read as follows: <br />Notices. For the purpose of notice or demand, the respective parties shall <br />be served by certified or registered mail, return receipt requested, <br />addressed to the County or the Tenant at their respective office address, <br />as set forth herein: <br />To County: <br />Orange County <br />Director of Purchasing and Central Services <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />AND <br />Stephen J. Manton, agent <br />ESM Associates <br />PO Box 4523 <br />Chapel Hill, NC 27515 <br />Tenant: <br />Ms. Glenn Sumner <br />Coldwell Banker, Realty Center <br />501 West Franklin Street <br />Chapel Hill, NC 27514 <br />4. All other terms and conditions shall remain the same. <br />