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Prepared by: Sahana M. Ayer <br />Mail after recording to: Gayle Wilson, P.O. Box 17177, Chapel Hill, NC 27516 <br />NORTH CAROLINA LEASE AGREEMENT AND <br />RIGHT OF FIRST REFUSAL <br />ORANGE COUNTY <br />LEASE AGREEMENT <br />THIS AGREEMENT made and entered into this day of , 2012, by and <br />between Orange County, a body politic and corporate of the State of North Carolina, (hereinafter called <br />the "County"), and Elizabeth T. Walters (hereinafter called the "Owner"); <br />WHEREAS, on the Sth day of April, 2000, the parties hereto entered into a certain lease recorded in Book <br />2065 at Page 528, Orange County Registry, whereby the Owner leased to the County for a period of five <br />(5) years the premises known and described in Deed Book 2065 at Page 528, Orange County Registry; <br />WHEREAS, the parties agreed to extend the period for which the said premises were leased for an <br />additional five (5) year term on beginning on July 27, 2010, that being the second of a possible ten (10), <br />five (5) year terms; <br />WHEREAS, the County intents to make significant improvements to the solid waste convenience center <br />located on the premises at a substantial financial investment; <br />WHEREAS, the parties have mutually agreed to the termination of the existing lease of the premises upon <br />the effective date of a lease of the premises described herein, subject to the terms and condition of this <br />lease agreement ("Lease Agreement"); <br />WITNESSETH: <br />The Owner hereby agrees to lease the property described herein to the County upon the following <br />terms and conditions: <br />1. The Premises. <br />The premises herein leased is a tract and parcel of land, together with all improvements located <br />thereon, located in Cedar Grove Township, Orange County, North Carolina and more particularly <br />described in Deed Book 200 at Page 185, Orange County Registry. <br />2. Term and Termination. <br />a. The term of this lease shall be for an initial term of ten (10) years commencing on <br />July 1, 2012. The lease shall automatically renew for an additional term of ten (10) years unless notice of <br />termination is provided in writing by either party at least two (2) years prior to the lease termination <br />date. Thereafter, the County shall have the right and privilege of extending the lease for three (3) <br />additional consecutive terms five (5) year terms provided that notice of the exercise of each such option <br />is given in writing to the Owner not later than sixty (60) days prior to the date of termination of the <br />