S Lease Re-negotiated Lease – High Rock Road Solid Waste Convenience Center

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WITNESSETH: The Owner hereby agrees to lease the property described herein to the County upon the following terms and conditions: 1. The Premises. The premises herein leased is a tract and parcel of land, together with all improvements located thereon, located in Cedar Grove Township, Orange County, North Carolina and more particularly described in Deed Book 200 at Page 185, Orange County Registry. 2. Term and Termination. a. The term of this lease shall be for an initial term of ten (10) years commencing on July 1, 2012. The lease shall automatically renew for an additional term of ten (10) years unless notice of termination is provided in writing by either party at least two (2) years prior to the lease termination date. Thereafter, the County shall have the right and privilege of extending the lease for three (3) additional consecutive terms five (5) year terms provided that notice of the exercise of each such option is given in writing to the Owner not later than sixty (60) days prior to the date of termination of the then effective lease term. Except as herein otherwise provided, all terms and covenants contained in this Lease Agreement shall be in full force and effect during any extension period. 3. Guaranteed Minimum Rental. The County agrees to pay to Owner the guaranteed rental of $450 per month payable on or before the 10th day of each calendar month commencing with the effective date of this Lease Agreement ( "Initial Rental Rate "). Effective on the first day of each Lease Year after the first Lease Year ( "Adjustment Date "), the Guaranteed Minimum Rental shall be increased annually by Twenty Dollars ($20) per month. 4. Right of First Offer to Purchase and Right of First Refusal. a. Subject to the terms of this Lease, Owner expressly reserves the right to sell the Premises at any time during the Term, including any extension thereof. However, Owner covenants that she will not list nor offer the Premises for sale without first giving the County written notice in the manner prescribed in Section 8 of this Lease Agreement, of her desire to sell the Premises and having allowed County sixty (60) days from the date of such notice in which to attempt to secure a binding agreement with the County for the purchase of the Premises. Owner agrees that any and all offers to purchase submitted by the County during said sixty -day period will be held in strictest confidence, will be given every reasonable consideration in good faith and if unacceptable, will remain confidential and will not be used at any time to enhance its efforts to otherwise market said Premises.