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3 <br /> STATE OF NORTH CAROLINA LEASE AGREEMENT <br /> COUNTY OF ORANGE <br /> THIS LEASE AGREEMENT,made and entered into this,the day of 6th day of February,1995,but effective February <br /> 1, 1995,by and between CARRBORO BELMAN S.C.LIIA=PARTNERSHIP,by Balfour Holdings,Inc.,General <br /> Partner,hereinafter referred to,as"LANDLORD",and COUNTY OF ORANGE,a body politic and corporate and a <br /> political subdivision of the State of North Carolina,hereinafter referred to as"COUNTY". <br /> W I T N E S S E T M <br /> 1. PREMISES. LANDLORD hereby leases to COUNTY and COUNTY leases from <br /> LANDLORD, for the term and upon the terms and conditions hereinafter set forth, the premises <br /> described in"EII1T A",attached hereto and made a part hereof containing approximately 1,200 <br /> square feet, hereinafter referred to as the "Premises". <br /> 2. TERM. The term of this Lease shall commence on February 1, 1995 <br /> ("Commencement Date") and shall continue for a period of three (3)years,with expiration at 12:00 <br /> midnight on January 31, 1998,unless sooner terminated as hereafter provided. <br /> 3. GUARANTEED MINIMUM RENTAL. The COUNTY agrees to pay to the <br /> LANDLORD at the office of the LANDLORD or at such other place designated by the <br /> LANDLORD, the guaranteed rental of $800 per month payable on or before the 1st day of each <br /> calendar month commencing with the Commencement Date. Effective on the first day of each Lease <br /> Year after the first Lease Year ("Adjustment Date"), the Guaranteed Minimum Rental shall be <br /> increased by the amount determined by multiplying the Initial Rental Rate by that percentage which <br /> represents any cost of living increase between the Commencement Date and the Adjustment Date. <br /> Such percentage shall be determined by utilizing the applicable indices determined by the United State <br /> Bureau of labor Statistics(or its successor organization)through its Consumer Price Index entitled <br /> "United States City Average-All items-All Urban Consumers Index". Such adjustment shall be made <br /> effective as of the Adjustment Date, as soon as possible after the index for the applicable month is <br /> published,with any deficiency due and payable with the next monthly installment of rental. Anything <br /> contained herein to the contrary notwithstanding, in the event that the adjustment would reduce the <br /> monthly rental from the monthly rental in effect for the preceding Lease Year, no such adjustment <br /> shall be made and the rental then in effect shall continue through the next Adjustment Date. Any <br /> other sums of money or charges to be paid by the COUNTY pursuant to the provisions of any other <br /> section of this Lease other than the Guaranteed Mimmum Rental shall be designated as "Additional <br /> Charges". <br /> 4. ADDMONAL CHARGES: In addition to and separate from the Minimum Rent, <br /> the COUNTY shall pay to the LANDLORD as Additional Charges, COUNTY'S Pro Rata Share of <br /> the Operating Expense Charges. Further,that amount consisting in the aggregate of Common Area <br /> Maintenance costs and taxes and shall be adjusted annually at the end of the LANDLORD's fiscal <br /> year. For purposes of this Lease, the following will describe and define the Operating Expense <br />