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Agenda - 09-15-2015 - 6g
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Agenda - 09-15-2015 - 6g
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Last modified
9/14/2015 9:07:19 AM
Creation date
9/14/2015 8:24:15 AM
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BOCC
Date
9/15/2015
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
6g
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2015-612 AMS - Hillsborough Commons, LLLP Lease modification
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\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2015
Minutes 09-15-2015
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2015
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ATTACHMENT 2 10 <br /> LEASE MODIFICATION <br /> THIS MODIFICATION OF LEASE made and entered into this day of <br /> , 20 by and between HILLSBOROUGH COMMONS, LLLP as Landlord, and <br /> ORANGE COUNTY, NORTH CAROLINA, Tenant; <br /> WITNESSETH: <br /> Whereas Landlord and Tenant entered into that certain Lease Agreement dated July 25, <br /> 2008, modified January 12, 2015 in connection with certain premises situated and being in <br /> Orange County and the State of North Carolina being more particularly described in said Lease <br /> Agreement; and <br /> Whereas, Tenant's has leased Unit 01 containing 56,328 square feet ("Original Space") <br /> which Lease Agreement had a commencement date of October 22, 2008 and has an expiration <br /> date of January 21, 2019, subject to four (4) renewal option of five (5) years each, with rent <br /> escalations at the beginning of each such renewal option; and <br /> Whereas, Tenant has also leased the adjacent location, Unit 03 containing 10,116 square <br /> feet ("Expansion Space") which Lease Agreement had a commencement date of January 13, <br /> 2015 and an expiration date of December 31, 2015; and <br /> Whereas, Tenant desires to modify the Expansion Space expiration date and add renewal <br /> options and rent escalations to be concurrent with the terms of the Original Space Lease <br /> Agreement; and <br /> Whereas, Tenant and Landlord have agreed upon the terms of the modification and wish <br /> to so modify the Lease. <br /> Now, therefore, for and in consideration of the sum of$1.00 and other good and valuable <br /> consideration each to the other paid the receipt and sufficiency of which consideration is hereby <br /> acknowledged, the parties hereto hereby agree as follows: <br /> 1. The Original Space and the Expansion Space shall be combined to create a <br /> single set of Lease terms ("Combined Space"). <br /> 2. The expiration date of the Combined Space shall be January 21, 2019. <br /> 2. Tenant shall have four (4) renewal options of five (5) years each for the <br /> Combined Space. <br /> 3. The Base Rent for the Combined Space for each renewal option shall be as <br /> follows: <br /> Renewal option one(1) January 22, 2019 —January 21, 2024 <br /> Monthly: $71,705 Annual: $860,460 <br />
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