2015-612 AMS - Hillsborough Commons, LLLP Lease modification

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LEASE MQDMCATION THIS MOD!!IFJCATION OF LEASE made and entered into this day of 00 L9 , 20 y by and between HILLSBOROUGH COMMONS, LLLP as (hereinafter "Landlord" and/or "Seller"), and ORANGE COUNTY, NORTH CAROLINA, (hereinafter "Buyer" and/or"County" and/or"Tenant"; WITNESSETH: Whereas Landlord and Tenant entered into that certain Lease Agreement dated July 25, 2008 and modified January 12, 2015 in connection with certain premises situated and being in Orange County and the State of North Carolina being more particularly described in said Lease Agreement; and Whereas, Tenant has leased Unit 01 and Unit 03 containing 66,444 square feet which agreement has an expiration date of January 21, 2019, subject to four (4) renewal option of five (5) years each, with rent escalations at the beginning of each such renewal option; and Whereas, Tenant and Landlord wish to amend the Lease Agreement to restate and modify Tenant's Option to Purchase; and Whereas, Tenant desires to modify the Expansion Space expiration date and add renewal options and rent escalations to be concurrent with the terms of the Original Space Lease Agreement; and Whereas, Tenant and Landlord have agreed upon the terms of the modification and wish to so modify the Lease. Now, therefore, for and in consideration of the sum of$1.00 and other good and valuable consideration each to the other paid the receipt and sufficiency of which consideration is hereby acknowledged, the parties hereto hereby agree as follows: 1. The Original Space and the Expansion Space shall be combined to create a single set of Lease terms ("Combined Space"). 2. The expiration date of the Combined Space shall be January 21, 2019. Base Rent for the Combined Space shall continue at the current rate, as follows: Monthly: $ 74,480 Annual: $893,768 3. The Lease Modification Dated January 12, 2015 for the Expansion Space is hereby null and void and of no further consequence. 4. The Combined Space shall be subject to all the Terms and Conditions of the Original Space Lease Agreement, unmodified except for as modified by the terms herein. 5. Tenant shall have four (4) renewal options of five (5) years each for the Combined Space. 6. The Base Rent for the Combined Space for each renewal option shall be as follows: Renewal option one (1) January 22, 2019—January 21, 2024 Monthly: $71,705 Annual: $860,460 Renewal option two (2) January 22, 2024—January 21, 2029 Monthly: $77,740 Annual: $932,880 Renewal option three (3) January 22, 2029—January 21, 2034 Monthly: $84,385 Annual: $1,012,620 Renewal option four(4) January 22, 2034—January 21, 2039 Monthly: $91,694 Annual: $1,100,328 LEASE MODIFICATION-HILLSBOROUGH COMMONS ORANGE COUNTY 1 A///