Agenda - 05-06-1998 - 9i - Laserfiche WebLink

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3 NORTH CAROLINA COUNTY OF ORANGE LEASE AGREEMENT RENEWAL WHEREAS a lease agreement was made and entered into as of the sixth day of July, 1987, by and between the County of Orange, (the County) and Grey Moody (the Owner) for space to be used as offices for County and Court functions at 103 Laurel Avenue, Carrboro, North Carolina; WHEREAS ,the County and the Owner mutually agree to the following: 1. The lease agreement will be continued for a period of three years commencing on July 1, 1998 and ending at 12:00 midnight on June 30, 2001; 2. Section 3 (b), Rent Schedule, shall read as follows: Rent during the three year renewal shall be forty one thousand forty and 00/100 dollars ($41,040) per year, payable in monthly installments of three thousand four hundred twenty and 00/100 dollars ($3,420), each monthly installment payable on the first day of each month during the term of this lease renewal. 3. The County shall reimburse the Owner for real estate taxes assessed against the leased premises within 30 days of receipt of invoice from the Owner and proof of payment by the Owner. 4. The Owner hereby grants to County a right of first refusal to purchase the leased premises, which must be exercised, if at all, in the manner hereinafter set forth. In the event that the Owner receives a bona fide offer to purchase the leased premises on price, terms and conditions which it is willing to accept, it shall give prompt written notice of such offer to County ("ROFR Notice"). The ROFR Notice shall include a copy of such offer, provided that Owner may delete the name of the prospective purchaser, unless County agrees that such identity shall be held confidentially to the extent permitted by applicable law. Within ten (10) days from the date such ROFR Notice is given, County may exercise its right of first refusal by executing and delivering to the Owner a written contract containing the same price, terms and conditions as set forth in the ROFR Notice, with no material additional terms or conditions. Such contract shall be signed and accepted by Owner and the parties shall proceed to close in accordance with the terms thereof. In the event that the County fails to exercise this option as herein provided, and Owner closes the sale of the Leased premises substantially in accordance with the terms of the ROFR Notice, such option shall terminate and shall not be exercisable as to any future sale by Owner, its successors or assigns. This section shall not apply if sale is made to family member of the Owner. 5. All other terms and conditions shall remain the same.