Agenda - 04-01-1997 - 9e - Laserfiche WebLink

Browse Search

l 3 NORTH CAROLINA LEASE ORANGE COUNTY This lease agreement, made and entered into this, the 1st day of April, 1997, by and between the County of Orange, hereinafter called the County, and Hillsborough Savings Bank, Inc. hereinafter called the Landlord. WITNESSETH: 1. PREMISES: Landlord hereby leases to the County and the County hereby leases from the Landlord, for the term and upon the terms and conditions hereinafter set forth, the premises located at 112 North Churton Street, Hillsborough, North Carolina containing approximately 3,336 square feet, hereinafter referred to as the Premises. 2. TERM: The term shall commence on the 2nd day of April, 1997 and shall end on the 30th day of June, 2000, on the terms and conditions set forth herein. The first year of the lease term shall be considered as April 1, 1997 through June 30, 1998. County shall have an option to renew this lease for one (1) additional term of three years each under the same terms and conditions thereof, except that the minimum rent during the option period shall be negotiated at the time of renewal. The option to renew must be exercised by the County on or before 90 days prior to the expiration of the then existing term. 3. USE AND POSSESSION: It is understood that the Leased Premises are to be occupied by the Orange County Departments or organizations and agencies to which the County provides financial or in-kind support for general office purposes. The County at the expiration of the term, shall deliver up the Leased Premises in good repair and condition, damages beyond the control of the County, reasonable use, ordinary decay, wear and tear excepted. 4. GUARANTEED MINIMUM RENT: The County agrees to pay to the Landlord at the office of the Landlord or at such other place designated by the Landlord, the guaranteed rental of $4,170 per month payable on or before the 1 st day of each calendar month commencing with the Commencement Date . Effective on the first day of each Lease Year after the first Lease Year("Adjustment Date"), the Guaranteed Minimum Rent shall be increased by the amount determined by multiplying the Initial rental rate by that percentage which represents any cost of living increase between the Commencement Date and the Adjustment Date. Such percentage shall be determined by utilizing the applicable indices determined by the United State Bureau of labor Statistics (or its successor organization) through its Consumer Price Index entitled "United States City Average-All items-All Urban Consumers Index". Such adjustment shall be made effective as of the Adjustment Date, as soon as possible after the index for the applicable month is published, with any deficiency due and payable with the next monthly installment of rental. Anything contained herein to the contrary notwithstanding, in the event that the adjustment would reduce the monthly rental from the monthly rental in effect for the preceding Lease Year, no such adjustment shall be made and the rental then in effect shall continue through the next Adjustment Date.