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7 <br />Commission as evidenced by the secretary's certificate hereon. The terms and <br />provisions of this Lease (excluding specifically, payment of Minimum Rent, <br />Common Area Charges,. Taxes and Insurance Charges and other monthly <br />charges (hereinafter defined)) shall become effective upon the Delivery of <br />Possession Date. The first payment of Minimum Rent, Common Area Charges, <br />Taxes and Insurance Charges and other monthly charges sha11 be due and <br />payable Ninety (9d) days following the approval of this Lease by the North <br />Carolina Local Government Commission as evidenced by the secretary's <br />certificate hereon (the Rent Commencement Date). Any monies which would <br />have been due and payable commencing upon the Delivery of Possession Date <br />through the Rent Commencement Date are hereby waived by Landlord as a <br />Rental Concession. County acknowledges that Minimum Rent and all other <br />charges pursuant to this Lease would have commenced on the date of Delivery <br />of Possession should Landlord not have provided County with a Rental <br />Concession for same. <br />The term "Lease Year", as used herein, shall be a calendar year and each Lease <br />Year shall begin on January 1. The term "Lease Year" does not apply to the <br />Lease Term or Term as used herein. Lease Year shall have no meaning as to <br />the beginning and ending dates of the Lease and is only used for the purposes <br />of pro-rating Common Area Maintenance, Tax and . Insurance expenses, <br />Reserves, and rent increases. The first Lease Year of this Lease Term shall <br />begin on the first day of January next following the Commencement Date and <br />each succeeding Lease Year shall begin on the first day of each succeeding <br />January during the Lease Term. Any portion of the Lease Term which is prior to <br />January 1 of the first Lease Year or after December 31 of the final Lease Year <br />shall be deemed a "Partial Lease Year." <br />4. MINIMUM RENT. Beginning on the Rent Commencement Date, and not before, <br />-County shall pay, without set-off or deduction, monthly "Minimum Rent" in <br />advance on the first day. of each calendar month in the amounts set forth in the <br />Basic Lease Provisions. If fihe Rent Commencement Date occurs on other than <br />the first day of a month, the first installment of Minimum Rent shall be prorated <br />on a per diem basis (based on a thirty (3t}) day calendar month). The first <br />month's installment of Minimum Rent and Additional Rent along with any <br />prorated Minimum Rent and Additional Rent due Landlord,if any, shall be due <br />and payable on the Rent Commencement Date. <br />5. OPERATING EXPENSES. <br />(a) In addition to the Minimum Rent, County shall pay {as hereinafter defined) <br />such expenses for Real Estate Taxes, Insurance and Operating Expenses <br />incurred by Landlord for or during each calendar year during the Term in excess <br />of the Base Year Stop of$22?,75? (such excess hereinafter referred to as the <br />"Excess Expenses"). <br />(b) (i) "Real Estate Taxes" shall mean all governmental imposts, levies, fees, <br />taxes, assessments (both general and special) far charges of every kind and <br />nature whatsoever, which are levied, assessed, or imposed against the <br />Shopping Center or any portion thereof by reason of its ownership and operation <br />of the Shopping Center and its receipt of rent there from, including without <br />4 <br />County of Orange, in North Carolina -13~71sborongh Commons O'1/02/OS <br />INiTTfALS <br />