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<br />COMMERCIAL LEASE ACyREEMENT
<br />THIS LEASE, made this ~~~ day o
<br />between L.Ltrrv ~~ ~-'~^--~M ~`,~ r~ ~
<br />~o f~ox qR9
<br />dC.~:~-2,1"
<br />N-~ I ls~--~ort~uo,h , -~G a1~7~
<br />and
<br />~~ ~ol~laa..
<br />1~~~, by and
<br />("Landlord") whose acldress is; .
<br />~ ~~~ "~~S ("TenanP') whose address is;
<br />Po ~o x` 8 I 8 I N- ~~s bo ~c~~.c~ h,-~G _a`~~~ ~
<br />WITNESSF,TH:
<br />PREMISES
<br />1. Landlord, for and in consideration of the rents, covenants, agreements, and stipulations hereinafter mentioned, provided for and covenanted
<br />to be paid, kept and performed by Tenant, leases and rents unto Tenant, and Tenant hereby leases and takes upon the terms and conditions which
<br />heteinafter appear, the following described property (hereinafter cal(ed the "Premises"), to wit:
<br />e,~,~~P~~• Z~' ~Gt.u'1~ fY~0.~y5 ~0,~ l-I-~ IlSborou.o~l.~ IVC ~~27~
<br />Legal Description:
<br />~4 - 3 - - C - 5 a--~~C ~ -PS ~ R8~4 - 2~ - i Z
<br />^ See attached Exhibit for legal description of premises.
<br />TERM
<br />2. The Tenant shall have and hold the Premises for a term of ~7 mon ~-~ s
<br />beginning on the I`~+ day of ~~~ ~~'~ , 1~~Z , and ending on the
<br />5 ~-
<br />3~ day of ~~-~ , I~d03 , at midnight, unless sooner terminated as hereinafter
<br />~provided. The first Lease Year Anniversary shall be the date [ elve (12) calendar months aCler the first day of the first full month of the term
<br />hereof anJ successive l.ease Yenr Anniversanes shall be the date twelvc (12) calendar momhs from the previous Lease'Year Anniversary.
<br />RENTAL ~ N A
<br />3. Tenant agrees to pay Landlord or its Agent without demand, deduction or set off, an annual rental of $
<br />payable in equal monthly installments of $ 3~~~~D •~~ in advance on the first day of each calendar
<br />month during the term hereof. Upon execuUOn of this Lease, Tenant shall pay to Landlord the firsi month's rent due hereunder. Rental for any
<br />period duting the [erm hereof which is less than one month shall be the pro-rated portion of the monthly rental due. On cach L,ease Year
<br />Anniversary the annual rental payable hereunder (and accordingly the monthly inatallments) shall be adjusted:
<br />^ any change in the Consumer Price Iudex, Urban Wage Eurncrs and Cleric.il Workers, r~ll Cities (CPl-W, t982-1984=100) ("index") by
<br />multiplying the then effective aanual rental b}~ the value of s~iid [~i~Jex i~r the men?i~ iwo rnonths ~rinr to die Lease Ycar Annivece~ry and dividing
<br />the product by the value of said lndex for the month hvo months prior to thr previuus Leasc Ycar Anniversary (in the instance of the first Lease
<br />Yeaz Anniversary the value of the Index for the month lwu mond~s prior to the iirst lull month of the term hereo~. In the event the Index ceases
<br />to be published, there shall be substituted for the Inclex the measure published by the US Department of Labor which most nearly approximates
<br />the Index;
<br />~ as follows: ~, r /~
<br />av r~~
<br />[~ If this box is ch ked, Tenant shall ay all rental to Landlord's Agcnt at the following adJress:
<br />~Q.(~V~~~ ~I~~~.S
<br />X
<br />LATE CHARGES ~
<br />4. lf Landlord fails to receive any rent payment within ,____ 1 lJ days lfter it becornes due, Tenant shall pay Landlord, as
<br />additional rental, a late chazge cyual to ""~ _perccnl(_ ~~ '%) of the ovcrduc amount or $ ~~ . 0 ~
<br />whichever is greater, pWs t~ny acWal bunk fees incurred for re~ur.icd ur dishonored checks. The parlies agree that such a late charge represents a
<br />fair and reasonable estimate of [he cost Landbrd will iizcur by reason of tiuch late paymcnt.
<br />SECURITY DEPOSIT 3~p ~pO . C~ O
<br />5 Tenant shall deposit with Landlord or its Agent upon execution of this Leuse $_.~~_~~~_- ~s
<br />a security deposit which shall be held as security for the full and failhful perform:~nce by encT int oC cach and every term, covenant and condition
<br />of this Lease. If any of the rents or other charges or swns payable by Tenant shalt be over-duc :~nd unpaid or should payments be made on behalf
<br />of Tenant, or should Tenant fail to perform any of the terms of this Lease, then Landlord or its Agenc may, at its option, appropriate und apply the
<br />security deposit, or so much thereof as may be necessary, to compcnsate toward the payment of the rents, charges or other sums due from Tenant,
<br />or towazds any loss, damage or expense sustained by Landlard resulting form such default on lhe part of the Tenant; and in such event Tenant shall
<br />upon demand restore the security deposit to the original sum deposited. ln the event Tenant 1'urnishes Laodlord with proof that all utiliry bills have
<br />been paid through the date of Lease tennination, and perCorms all of Tenant's other obligations w~der this Lease, the securiry deposit shall be
<br />returned in full to Tenant within thirtv (30) d~~~s <~fter Ybe date u!' !he expirrlion cx s~~one~' ierminatio:l of tt;~ cerm of Chis Lease and the sur~euder
<br />of the Yremises by Tenanl in compliance with lhe provisions of this 1_eatie. 'I'I~e Security Depos6t may be placed in an interest bearing account
<br />and any interest tl~crcon shall be ehe property of the party holding ihe sam~e.
<br />~If this box is checked, Agen[ shall hold lhe Security Deposit and shall be entided to the interesi thereon.
<br />UTILITY 13ILLS ~r~(,~,nt ~S r2S oL~si b I~ ~
<br />6. (a) Tenant shall pay the following utilities: _ _- -
<br />Q.1.~ - E..~.I~IQ,o.~ .
<br />i or s
<br />NORTH CAROLINA ASSOCIATION OF REALTORS~, INC. NCAR FORM #590
<br />REALTOR' Copyright 6/96
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