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COMMERCIAL LEASE AGREEMENT
<br />(Multi-Tenant Facility)
<br />(Note: This form is not intended to be used as a Sublease and SHOiJLD NOT be used in Sublease circumstances)
<br />TffiS LEASE AGREEMENT, including any and all addenda attached hereto ("Lease', is by and between PTA Thrift Shop
<br />Managers, LLC, a North Carolina limited liability corporation ("Landlord"),
<br />whose principal business address is 115 West Main Street; Carrboro, North Carolina 27510, and
<br />the Chapel Hill-Carrboro Board of Education, a North Carolina public school board of education (`"Tenant'.
<br />whose principal business address is 750 Merritt Mill Road, Chapel Hill, North Carolina 27516
<br />For and in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency
<br />of which aze hereby aclmowledged, the parkies hereto agree as follows:
<br />PRENIISES/PROPERTY
<br />(Note: In this paragraph, Premises is the actual space being leased and Property is the broader site/location of the Premises.)
<br />1. (a) Landlord leases unto Tenant, and Tenant hereby leases and takes upon the terms and conditions which hereinafter appear, those
<br />certain premises depicted on Ezhibit A attached hereto and incorporated herein by reference (hereinafter called the "Premises"),
<br />which is a part of a building or buildings located at the Property (defined below).
<br />(b) The Premises is located at the following described property ("Property"):
<br />(Address): 103 Jones Ferry Road, Canboro, North Cazolina 27510.
<br />(For information purposes: (i) the tax parcel number of the Property is 9778756819 ;and, (ii) some or all of the Property is described
<br />in Deed Book 284, Page No.1567, Orange County.)
<br />All facilities fiunished at the Property and designated for the general use, in common, of occupants of the Property and their invitees,
<br />agents or employees, including Tenant hereunder, including but not limited to parking areas, streets, driveways, sidewalks, canopies,
<br />roadways, loading platforms, shelters, ramps, landscaped areas, exterior water faucets, irrigation systems, exterior lighting fixtures,
<br />signs and other facilities whether of a similar or dissimilar nature ("Common Areas") shall at all times be subject to the exclusive
<br />control and management of Landlord, and Landlord shall have the right from time to time to change the azea, level, location and
<br />arrangement of the Common Areas and to restrict parking by tenants and their employees to employee parking areas, to make Rules
<br />and Regulations (as herein defined) and do such things from time to time as in Landlord's reasonable discretion may be necessary
<br />regarding the Common Areas. Tenant shall also have anon-exclusive right, in common with other tenants at the Property, to the use
<br />of the Common Areas at the Property, subject to the terms hereo£
<br />(c) At the time of execution of this Lease, the Premises have not yet been constructed. Prior to the Lease Commencement Date,
<br />Landlord shall cause the Premises to be constructed in accordance with terms and conditions developed by Landlord, which shall be
<br />subject to inspection and review by Tenant at any time after this Lease is executed. Tenant and Landlord, and their respective
<br />architects, shall consult with regard to Tenant's intended uses of the Premises to ensure that all applicable building codes and other
<br />governmental rules and regulations, including but not limited to any regulations or codes relating to sprinkler and fire alarm systems
<br />and areas of refuge, will be met and reflected in the final terms and conditions for the construction project developed by Landlord. At
<br />least sixty (60) days prior to the Lease Commencement date, Landlord shall provide written notice to Tenant that a Certificate of
<br />Occupancy has been issued for the building and that Tenant may begin making upfits to the Premises as herein provided. The
<br />Premises shall be delivered by Landlord to Tenant as "Shell Space" with the following specifications:
<br />(1) All utilities shall be connected to the Premises.
<br />(2) Electrical service shall be provided to the Premises, and Landlord shall install an electrical service panel providing sufficient
<br />electrical power for standard office use, as defined in the final building plans.
<br />(3) HVAC units shall be installed and connected to VOV boxes, but Tenant shall be responsible for connecting VOV boxes to
<br />grills.
<br />(4) Restrooms in comunon areas shall be fully finished and operational.
<br />(d) Landlord shall provide to Tenant an allowance of up to twenty-five dollars ($25) per gross square foot of the Premises for
<br />Tenant's upfits. Said allowance shall be remitted to Tenant within thirty (30) days of Tenant's submission to Landlord of an invoice
<br />itemizing the actual cost to Tenant of Tenant's upfits, along with any supporting documentation reasonably requested by Landlord.
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