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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 sixth day of July, <br />1987, by and between the County of Orange, (the County) and Grey Moody (the Owner) <br />for space to be used as offices for County and Court functions at 103 Laurel Avenue, <br />Carrboro, North Carolina; <br />WHEREAS ,the County and the Owner mutually agree to the following: <br />1. The lease agreement will be continued for a period of one year <br />commencing on July 1, 1998 and ending at 12:00 midnight on June 30, 1999. <br />2. The Owner will notify the County by January 1, 1999 of his intentions as it <br />respects the sale of the building. If sale of the property does not occur, the County may <br />extend the lease for an additional two years beginning Juty 1, 1999 and ending 12:00 <br />midnight on June 30, 2001. <br />2. Section 3 (b), Rent Schedule, shall read as follows: <br />Rent during the one year renewal shall be forty thousand fifty six and 00/100 <br />dollars ($40,056), payable in monthly installments of three thousand three hundred <br />thirty eight and 00/100 dollars ($3,338), each monthly installment payable on the first <br />day of each month during the term of this lease renewal. <br />Rent for future renewals, if any, will be negotiated when intent to renew is <br />expressed by the Landlord. <br />3. The County shall reimburse the Owner for real estate taxes assessed <br />against the leased premises within 30 days of receipt of invoice from the Owner and <br />proof of payment by the Owner. <br />4. All other terms and conditions shall remain the same. <br />This agreed to the day of , 1998. <br />Grey Moody, Owner <br />County: <br />Margaret W. Brown, Chair <br />Seal <br />ATTEST: <br />Beverly A. Blythe, Clerk to the Board <br />