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NORTH CAROLINA <br /> COUNTY OF ORANGE LEASE AGREEMENT RENEWAL <br /> Whereas,a lease agreement was made and entered into as of the sixth day of July, 1987, by and between the <br /> County of orange,(the County),and Grey Moody, (the Owner),for space to be used as offices for County and <br /> Court functions at 103 Laurel Avenue, Carrboro, North Carolina; <br /> WHEREAS,the County and the Owner wish to renew the lease agreement as amended; <br /> NOW THEREFORE,the County and the Owner mutually agree to the following: <br /> 1. The lease agreement will be continued for a period of three years commencing on July 1, 1995 and <br /> ending at 12:00 midnight on June 30, 1998; <br /> 2. Section 3 (b), Rent Schedule,shall read as follows: <br /> The County agrees to pay to the Owner the guaranteed rental of$37,525 per year, $3,127 per <br /> month payable on or before the 1st day of each calendar month commencing with the <br /> Commencement Date (July 1, 1995) . Effective on the first day of each lease year after the first <br /> lease year("Adjustment Date'), the Guaranteed Minimum Rent shall be increased by the amount <br /> determined by multiplying the Initial rental rate by that percentage which represents any cost of living <br /> increase between the Commencement Date and the Adjustment Date. Such percentage shall be <br /> determined by utilizing the applicable indices determined by the United State Bureau of labor <br /> Statistics (or its successor organization) through its Consumer Price Index entitled "United States <br /> City Average-All items-All Urban Consumers Index". Such adjustment shall be made effective as <br /> of the Adjustment Date(July 1 annually), as soon as possible after the index for the applicable month <br /> is published, with any deficiency due and payable with the next monthly installment of rental. <br /> Anything contained herein to the contrary notwithstanding, in the event that the adjustment would <br /> reduce the monthly rental from the monthly rental in effect for the preceding Lease Year, no such <br /> adjustment shall be made and the rental then in effect shall continue through the next Adjustment <br /> Date. <br /> 3. All other terms and conditions shall remain the same. <br /> This agreed to the day of , 1995. <br /> OWNER: <br /> GREY MOODY, OWNER <br /> COUNTY: <br /> Moses Carey,Jr.,Chair (SEAL) <br /> ATTEST: <br /> Beverly A. Blythe,Clerk to the Board <br />