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~~ <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />LEASE AGREEMENT RENEWAL <br />THIS LEASE AGREEMENT RENEWAL made on the 6th day of May, 1998 by and <br />between CARR MILL MALL LIMITED PARTNERSHIP, a North Carolina Limited <br />Partnership, 200 N. Greensboro Street., Suite D-11, Carrboro, NC 27510 having its <br />principal business in Orange County, North Carolina, hereinafter referred to as "Owner" <br />and ORANGE COUNTY, a politic subdivision of the State of North Carolina, Post Office <br />Box 8181, Hillsborough, North Carolina, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, a lease agreement was made and entered into as of the 4th day of <br />October, 1985, a copy of which is attached as Exhibit A, between J.W. and Patricia Ann <br />French, d/b/a Carr Mill Mall and County; <br />WHEREAS, County and Owner desire to renew the lease agreement and amend it; <br />NOW THEREFORE, County and Owner mutually agree to the following: <br />The Exhibit A lease agreement is renewed for a period commencing on <br />July 1, 1998 and continuing through June 30, 2003; <br />2. Section 2(a) of Exhibit A shall be modified to read: <br />County shall pay to the Owner as follows: <br />Base rent: <br />July 1, 1998--June 30, 1999 <br />July 1 each year through <br />June 30, 2003 <br />Monthly Annually <br />$7,228.83 $86,756.96 <br />Rent will increase by the <br />change in the Consumer <br />Price Index (CPI) using as <br />the month of July as a basis <br />for calculation. <br />Rent is due and payable on the first day of each month, in advance, during the <br />term of this Lease. <br />3. Improvements which have been agreed to by the Owner and the County and <br />pursuant to Attachment 1 of this Lease Agreement Renewal shall be <br />accomplished prior to June 15, 1998. <br />4. All other terms and conditions of Exhibit A shall remain the same <br />