S Lease Orange County Schools for 1914 New Hope Church Rd Lease

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~,~ - ~ 3 v ~ ~// ~! NORTH CAROLINA ORANGE COUNTY LEASE This lease agreement dated the 13T" day of December, 2011 by and between Orange County, North Carolina, hereinafter called the `County" and the Orange County Board of Education, hereinafter called the "OCBOE". WITNESSETH: The County hereby leases to OCBOE and OCBOE hereby leases from the County the following described property, hereinafter called the "Leased Premises". 1. LEASED PREMISES The Leased Premises is defined as the building and real estate owned by the County at 1914 New Hope Church Road, Chapel Hill, North Carolina; more particularly described in the Orange County land records system as PIN number 9872 86 2049. 2. TERM OF LEASE The term shall commence on the first day of January, 2012 and shall terminate on December 31, 2031; or as otherwise provided in this lease. 3. RENT In partial consideration for its acquisition of rights to use the Leased Premises during the lease term, the OCBOE hereby agrees to pay to the County total rent for the lease term in the amount of $10, payable at the commencement of this lease, receipt of which the County acknowledges. The County and the OCBOE acknowledge their understanding that although the use of the County's property being provided to the OCBOE for use as operational offices represents substantial value to the OCBOE, any payment by the OCBOE of a market value rent would represent simply an accounting transaction, because the OCBOE's funding is primarily provided through the County. 4. USE OF LEASED PREMISES The OCBOE shall use the Leased Premises for the purpose of housing administrative and support staff. The property shall be used for no other purpose without the express written permission of the Orange County Board of Commissioners. 5. REPAIR AND MAINTENANCE OCBOE shall, at its own expense, keep the Leased Premises in good repair and in good operating condition, making from time to time all necessary repairs or replacements as may be needed. OCBOE may at its own expense make additions, modifications or improvements to the Leased Premises, provided none of these actions adversely affect the structural integrity of the building or reduce its value in any manner. OCBOE shall request written permission of changes, modifications and improvements from County prior to commencing such work; permission by County shall not be unreasonably withheld. 6. UTILITIES Utility costs shall be the sole responsibility of OCBOE. 7. SIGNS The OCBOE may provide signage that it deems appropriate to properly direct the students, staff and public to the services being offered at the Leased Premises. All