Orange County NC Website
Browse       Search
Landlord of Landlord' s receipt of notice from Georgia-Pacific <br /> Corporation of Georgia-Pacific Corporation ' s intent not to renew <br /> its lease of the Premises . In the event Tenant shall fail to <br /> make any of the lease payments required, the payment so in <br /> default shall continue as an obligation of Tenant until the <br /> amount in default shall have been fully paid, and Tenant agrees <br /> to pay the same with interest thereon at NationsBank' s prime rate <br /> plus 1% per annum until paid. Rent payments shall be made to <br /> Landlord and shall be received on the due date at the Office of <br /> Purchasing and Central Services of Landlord or received <br /> electronically on the due date in an account or accounts <br /> designated by Landlord. <br /> b. Tenant has indicated its interest in making <br /> certain capital improvements to the Premises upon its occupancy <br /> of the Premises, which capital improvements, when completed, will <br /> be permanently affixed to the Premises or to structures that are <br /> on the Premises and will thereafter become a part of the <br /> Premises . For example but not by way of limitation, the roof to <br /> the building may need to be replaced, doors to the building may <br /> need to be replaced and the gravel parking areas may better serve <br /> Tenant ' s needs if some or all of them are paved, and it may be <br /> necessary or appropriate to remodel the offices and bathrooms, <br /> make railroad spur improvements and connect the sanitary sewer <br /> facilities to the public service provided by the Town of <br /> Hillsborough. Landlord agrees to a rent set-off for any such <br /> capital improvements undertaken and completed by Tenant, and upon <br /> Tenant ' s submitting proof of their cost to Landlord, within the <br /> first five years of the original term up to a maximum of <br /> $150, 000, with no more than $50, 000 set off in any one year; <br /> provided, if Tenant expends more than $50, 000 in one year, the <br /> excess may be carried over and set off against rent in the <br /> following year (s) in all cases subject to the limitation that not <br /> more than $50, 000 will be set off on any single year nor more <br /> than $150, 000 in the aggregate and no set offs will be taken <br /> after the initial five years of the term. <br /> C . The obligations of Tenant to make rent payments <br /> required shall be absolute and unconditional and shall not be <br /> subject to diminution by set-off, counterclaim, abatement or <br /> otherwise during the Term except as expressly provided in this <br /> Lease. Nothing contained in this subparagraph shall be construed <br /> to release Landlord from the performance of any of the agreements <br /> on its part contained in this Lease; and in the event Landlord <br /> shall fail to perform any such agreement on its part , Tenant may <br /> institute such action against Landlord as Tenant may deem <br /> necessary to compel performance or recover its damages for non- <br /> performance provided that no such action shall violate the <br /> agreement on the part of Tenant to unconditionally make the rent <br /> payments or diminish the amount of the rent payments . <br /> d. Tenant makes the following representations as an <br /> inducement to and the basis for its undertakings and Landlord' s <br /> agreement to lease the Premises to Tenant . These rE!presentations <br /> 5 <br />