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DocuSign Envelope ID: D09F6D26-5288-40CE-99DB-DBA8FE0850B6 <br /> LEASE <br /> r <br /> THIS LEASE(the"Lease")is made and entered into to be effective as of <br /> (the"Effective Date"), by and between Joseph Polcaro,("Landlord")and The CommunitV <br /> Empowerment Fund("Tenant"). <br /> ARTICLE I <br /> PREMISES, TERM;RENT,NOTICES-, DEPOSIT <br /> LOI Premises. The Landlord,for and in consideration of the rents,covenants,agreements and <br /> stipulations hereinafter mentioned,reserved and contained, to be paid, kept and performed by the Tenant, <br /> has leased and rented and by these presents does lease and rent, to Tenant, and Tenant hereby agrees to <br /> lease and take upon the terms and conditions which hereinafter appear, the building (the "Building") <br /> located at 108 W.Rosemary Street,Chapel Hill,North Carolina the"Premises' <br /> 1.02 Term. The term of this Lease (the "Term") shall begin on April 15, 2015 (the <br /> "Commencement Date"), and the Term shall end at 11:59 p.m. on April 14, 2017 unless sooner <br /> terminated as provided herein. Each twelve month period during the Term is referred to in this Lease as a <br /> "Lease Year". <br /> 1.03 Rent. The monthly Rent payment for each month during the Term is $2,000.00(the <br /> "Rent"). <br /> Monthly Rent installments are payable to Landlord in advance,beginning on the Commencement <br /> Date and continuing on or before the first day of every successive calendar month of this Lease (no <br /> weekend or holiday exceptions). Rent for any partial month will be prorated based on the number of days <br /> in the month. Tenant agrees to pay Rent to Landlord at the office of Landlord designated in section 1.04, <br /> or at such other place designated by Landlord. All Rent owed by Tenant to Landlord under this Lease <br /> shall bear interest from the date due until paid at the lesser of(i)four percent(4.0%)above the prime rate <br /> announced by Wells Fargo Bank(or its successor)from time to time,or(ii)the maximum lawful contract <br /> rate per annum. If Tenant shall fail to pay any Rent on or before the date five(5)days after the date such <br /> payment is due, Tenant (in addition to interest on such amount pursuant to the prior sentence) shall be <br /> obligated to pay a late payment charge equal to the greater of(i) $500.00 or(ii) four percent (4.0%) of <br /> such Rent payment that is past due. <br /> 1.04 Notices. <br /> Landlord: Joseph Polcaro Tenant: The Community Empowerment Fund <br /> 205 N. Columbia St. Attn:Maggie West <br /> Chapel Hill,NC 27514 108 W.Rosemary Street <br /> Chapel Hill,NC 27.514 <br /> 1.05 Security Deposit. Tenant shall deposit $1,000.00 with Landlord upon execution of this <br /> Lease as a security deposit for the full performance by Tenant of his obligations hereunder. If Tenant <br /> fulfills all other provisions of this Lease, this security deposit will be used for any outstanding account <br /> balance and any damages sustained by Landlord as a result of Tenant's negligence, insofar as cleaning, <br /> repair and maintenance of the Premises is concerned,and the remainder of the security deposit shall be <br /> refunded to Tenant without interest,provided that Tenant's liability to Landlord for damages sustained by <br /> reason of his negligence shall not be limited to the amount of the security deposit. Nicotine stains or pet <br /> stains and odor due to cigarette/cigar/pipe smoke or pets are not considered normal wear and tear and <br />