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3 <br /> STATE OF NORTH CAROLINA EXERCISE OF LEASE OPTION <br /> COUNTY OF ORANGE <br /> Under the terms of a lease dated May 6. 1991,between Elliott Center Investors and the County of Orange, <br /> pursuant to section 1.5 of the attached lease(exhibit A),the County chooses to exercise the second five- <br /> year option for the leased premises;said option to commence on July 1, 1996 and shall end on June 30, <br /> 2001. <br /> Section 2.1 (a) RENT,is hereby deleted and the following language is inserted: <br /> (a) RENT: The annual rent during the term of this lease shall be as shown below. Rent shall be payable <br /> by Tenant in equal monthly installments as shown below on or before the first day of each month in <br /> advance,and without any deduction or set-off whatsoever. <br /> July 1, 1996 through June 30, 1997: Area 1 -$62,471 <br /> Area 2-$30,008 <br /> July 1, 1997 through June 30, 1998: Area 1 -$85,595 <br /> Area 2-$31,508 <br /> July 1, 1998 through June 30, 1999: Area 1 =$88,875 <br /> Area 2.$33,083 <br /> July 1, 1999 through June 30,•2000: Area 1 =$72,319 <br /> Area 2.534,737 <br /> July 1,2000 through June 30,2001: Area 1 s$75,935 <br /> Area 2-$36,474 <br /> All other terms and conditions of lease shall remain the same. <br /> IN WITNESS THEREOF,the Exercise of Option of the lease has been duly executed by the parties as of <br /> the 17th day of January, 1995. <br /> LANDLORD: <br /> Elk#Center Investors <br /> WITNESS: W. <br /> General Partner <br /> TENANT: <br /> Orange County <br /> Moses Carey,Jr.,Chair <br /> WITNESS: <br /> Beverly A. Blythe, <br /> Clerk to the Board <br /> NORTH CAROLINA <br />