1999 S Purchasing - Lease Agreement Renewal--Coldwell Banker, 501 West Franklin Street

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ORICAINAi. SIGNATURES COPY # NORTH CAROLINA COUNTY OF ORANGE LEASE AGREEMENT RENEWAL WHEREAS a lease agreement was made and entered into as of the first day of March, 1996 by and between the Devisees of Orville B. Campbell, whose interests were purchased in July, 1996 by the County of Orange, hereinafter referenced as the County, and Coldwell Banker, hereinafter referenced as Tenant, for space to be used as offices for the Tenant at 501 West Franklin Street, Chapel Hill, North Carolina; WHEREAS, the County and the Tenant mutually agree to the following: 1. The lease agreement will be continued for a period of three years commencing on March 1, 1999 and ending at 12:00 midnight on February 28, 2002. 2. Rent for the renewal term is set as follows: The total rental for the three year renewal term shall be one hundred sixty thousand two hundred and fifteen dollars ($160,215) payable in equal monthly installments of$4,341 each, for the first year and an annual increase of two and one half percent (2 .5 %) increase for each year thereafter. 3. Section 32 shall be modified to read as follows: Notices. For the purpose of notice or demand, the respective parties shall be served by certified or registered mail, return receipt requested, addressed to the County or the Tenant at their respective office address, as set forth herein: To County: Orange County Director of Purchasing and Central Services PO Box 8181 Hillsborough, NC 27278 AND Stephen J. Manton, agent ESM Associates PO Box 4523 Chapel Hill, NC 27515 Tenant: Ms. Glenn Sumner Coldwell Banker, Realty Center 501 West Franklin Street Chapel Hill, NC 27514 4. All other terms and conditions shall remain the same.