Orange County NC Website
NORTH CAROLINA <br /> LEASE <br /> ORANGE COUNTY <br /> This lease agreement, dated the 26th day of June, 1995, by and between the County of <br /> Orange, hereinafter called the County, and Hillsborough Savings Bank, Inc. hereinafter called <br /> the Landlord. <br /> Witnesseth: <br /> The Landlord hereby leases to the County and the County hereby leases from the Landlord, <br /> the following described property, sometimes hereinafter referred to as the Leased Premises <br /> to-wit: <br /> The Graham Building <br /> 118 North Churton Street <br /> Hillsborough, North Carolina <br /> 1. TERM: The term shall commence on the 1 st day of July, 1995 and shall end on the <br /> 30th day of June, 1998, on the terms and conditions set forth herein. <br /> 2. USE AND POSSESSION: It is understood that the Leased Premises are to be <br /> occupied by the Orange County Departments or organizations and agencies to which the <br /> County provides financial or in-kind support for general office purposes. The County at the <br /> expiration of the term, shall deliver up the Leased Premises in good repair and condition, <br /> damages beyond the control of the County, reasonable use, ordinary decay,wear and tear <br /> excepted. <br /> 3. GUARANTEED MINIMUM RENT: The County agrees to pay to the Landlord at the <br /> office of the Landlord or at such other place designated by the Landlord, the guaranteed <br /> rental of $569 per month payable on or before the 1 st day of each calendar month <br /> commencing with the Commencement Date . Effective on the first day of each Lease Year <br /> after the first Lease Year("Adjustment Date"), the Guaranteed Minimum Rent shall be <br /> increased by the amount determined by multiplying the Initial rental rate by that percentage <br /> which represents any cost of living increase between the Commencement Date and the <br /> Adjustment Date. Such percentage shall be determined by utilizing the applicable indices <br /> determined by the United State Bureau of labor Statistics (or its successor organization) <br /> through its Consumer Price Index entitled "United States City Average-All items-All Urban <br /> Consumers Index". Such adjustment shall be made effective as of the Adjustment Date, <br /> as soon as possible after the index for the applicable month is published,with any <br /> deficiency due and payable with the next monthly installment of rental. Anything contained <br /> 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 <br /> adjustment shall be made and the rental then in effect shall continue through the next <br /> Adjustment Date. <br /> 4. NOTICES: For the purpose of notice or demand, the respective parties shall be served <br /> by certified or registered mail, return receipt requested, addressed to the County or the <br /> Landlord at their respective office address, as set forth herein: <br /> To County: Orange County <br /> Department of Purchasing and Central Services <br /> PO Box 8181 <br /> Hillsborough, NC 27278 <br /> Graham Building Lease;Page 1 <br />