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<br /> NORTH CAROLINA
<br /> LEASE
<br /> ORANGE COUNTY
<br /> This lease agreement, made and entered into this, the 17th day of April, 1997, by and
<br /> between the County of Orange, hereinafter called the County, and Hillsborough Savings
<br /> Bank, Inc. hereinafter called the Landlord.
<br /> WITNESSETH:
<br /> 1. PREMISES. Landlord hereby leases to the County and the County hereby leases
<br /> from the Landlord, for the term and upon the terms and conditions hereinafter set forth,the
<br /> premises located at 112 North Churton Street, Hillsborough, North Carolina containing
<br /> approximately 3,336 square feet, hereinafter referred to as the Premises.
<br /> 2. TERM. The term shall commence on the 17th day of April, 1997 and shall end on
<br /> the 30th day of June, 2000, on the terms and conditions set forth herein. The first year of
<br /> the lease term shall be considered as April 17, 1997 through June 30, 1998. County shall _
<br /> have an option to renew this lease for one(1) additional term of three years under the same
<br /> terms and conditions thereof, except that the minimum rent during the option period shall be
<br /> as indicated below. The option to renew must be exercised by the County on or before 90
<br /> days prior to the expiration of the then existing term.
<br /> 3. USE AND POSSESSION. It is understood that the Premises are to be occupied by
<br /> the Orange County Departments or organizations and agencies to which the County
<br /> provides financial or in-kind support for general office purposes. The County at the expiration
<br /> of the term, shall deliver up the Premises in good repair and condition, damages beyond the
<br /> control of the County, reasonable use, ordinary decay, wear and tear excepted.
<br /> 4. BASIC RENT. The County agrees to pay the Landlord without demand at its office,
<br /> or at such other place or places as Landlord may from time to time designate in wiring, the
<br /> following rents for the aforementioned Premises for the term of this lease:
<br /> Lease year 1 (April 17, 1997 through June 30, 1998): April, 1997: $1,919.40; May-June,
<br /> 1997: $4,170/month. July 1, 1997 through June 30, 1998: $4,170/month . Total 12 month
<br /> rent: $50,040; Total 14 1/2 month rent: $60,299.
<br /> Lease year 2 (July 1, 1998 through June 30, 1999): $51,291 per annum (4,274.25/month)
<br /> Lease year 3 (July 1, 1999 through June 30,2000): $52,573 per annum ($4,381.10/month)
<br /> In the event the option to renew is exercised, lease amounts for years four through six would
<br /> be as follows:
<br /> Lease year 4 (July 1, 2000 through June 30, 2001): $53,887 per annum ($4,490/month)
<br /> Lease year 5 (July 1, 2001 through June 30, 2002): $55234 per annum ($4,603/month)
<br /> Lease year 6 (July 1, 2002 through June 30, 2003): $56,615 per annum ($4,718/month)
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