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2015-612 AMS - Hillsborough Commons, LLLP Lease modification
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2015-612 AMS - Hillsborough Commons, LLLP Lease modification
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Last modified
12/19/2019 11:34:33 AM
Creation date
12/4/2015 3:13:41 PM
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Contract
Date
11/15/2015
Contract Starting Date
7/25/2008
Contract Ending Date
1/21/2039
Contract Document Type
Contract Amendment
Agenda Item
9/15/15; 6g
Document Relationships
2008-087 Purchasing - Hillsborough Commons - Mayo Street Lease agreement
(Attachment)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2000's\2008
2015-109-E AMS - Tricor Hillsborough Commons LLLP - Lease modification
(Attachment)
Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2015
Agenda - 09-15-2015 - 6g
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2010's\2015\Agenda - 09-15-2015 - Regular Mtg.
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7. Section 43. OPTION TO PURCHASE, of the Lease Agreement is hereby deleted in <br /> its entirety. <br /> 8. Section 43. OPTION TO PURCHASE, of the Lease Agreement shall be replaced <br /> with the following: <br /> 43. OPTION TO PURCHASE <br /> Landlord does hereby grant to County the option (the "Option") to purchase all or a <br /> portion of that certain parcel of real estate upon which the building containing the <br /> Leased Premises is located, and being all of Orange County PIN Number 9864-80- <br /> 7829, and TMBL # 4.40.A.IA, less an approximately one acre parcel to be retained by <br /> Landlord, as more fully described by metes and bounds description on Exhibit A <br /> attached hereto and incorporated herein by this reference (the "Shopping Center") <br /> upon the terms and provisions set forth herein. All references to Shopping Center in <br /> this Section 43 shall mean that portion exercised. <br /> 1. Option Period. The Option commences on the date of this Lease and continues until <br /> the termination of this Lease. Such period of time is hereinafter referred to as the <br /> "Option Period." If the Option is exercised on or before February 1, 2012 it is for the <br /> purpose herein the "First Option Period," and there after"Option Period." <br /> 2. Exercise of Option. At any time during the Option Period, County may exercise <br /> the Option to purchase the Shopping Center by giving written notice to Landlord in <br /> accordance with the terms of this Lease stating that County is exercising the Option by <br /> giving such notice. Such notice of exercise shall be effective on the date notice is <br /> deemed to be given under the terms of this Lease. <br /> 3. Failure to Exercise Option. If County fails to exercise the Option within the <br /> Option Period, this Agreement shall automatically terminate; the parties shall have <br /> no further obligations or liabilities to one another hereunder; and County shall have no <br /> right whatsoever to purchase the Shopping Center or any portion thereof or interest <br /> therein. Time is of the essence with respect to exercise of the Option and with <br /> respect to each and every term of this Lease regarding the Option and purchase and <br /> sale of the Shopping Center. <br /> 4. Purchase Price. During the First Option Period, the purchase price (the <br /> "Purchase Price") for the Shopping Center shall be Fifteen Million Four Hundred <br /> Eighty-Nine Thousand and No/100 Dollars ($15,489,000.00) payable at Closing, <br /> less a credit calculated as follows: If, and only if, "Closing" (as defined below) occurs <br /> on or before the last day of the F i r s t Option Period (i.e., F ebruary 1, 2012), County <br /> shall receive a credit of Fifteen Thousand and no/100's Dollars ($15,000.00), multiplied <br /> by the number of monthly installments of rent paid by County to Landlord under the <br /> terms of the Lease during the Option Period, beginning on the Effective Date and <br /> ending on the date of Closing. Such credit shall be prorated for the month in which <br /> Closing occurs. If the Closing occurs after the First Option Period, County shall not be <br /> entitled to any such credit. If the County exercises the Option after the expiration of the <br /> First Option Period, the Purchase Price shall be as agreed between County and Landlord. <br /> If the parties cannot reach agreement on the Purchase Price, the Option shall not be <br /> considered exercised but the Counties right to again exercise the Option during the <br /> remaining term of this Lease shall remain. <br /> 5. Closing. If County exercises the Option, a n d t h e p a r t i e s a g r e e o n t h e <br /> P u r c h a s e P r i c e, County and Landlord shall close on the Shopping Center within <br /> thirty (30) days after the date County exercises the Option (the "Closing"), but no later <br /> than the end of the Term of the Lease, at the offices of County's counsel or closing <br /> agent in Orange County, North Carolina, or at such other place as the parties may <br /> agree upon in writing. At Closing, County shall pay to Landlord the Purchase <br /> Price less any adjustments as provided herein in the form of cash or wire transfer to <br /> one or more bank accounts designated by Landlord, and contemporaneously <br /> Landlord shall deliver to County (a) the Deed (as defined in Paragraph 7 of this <br /> Exhibit); (b) an affidavit for the benefit of County and its title insurer (the <br /> "Affidavit"), stating that (i) no right to a mechanic's or materialman's lien has accrued <br /> with respect to the Shopping Center as a result of any act by Landlord and (ii) <br /> there are no outstanding leases or agreements with regard to, or other parties in or <br /> entitled to possession of, the Shopping Center, except those leases (the "Shopping <br /> Center Leases") listed on a current rent roll furnished by Landlord; (c) a Certificate <br /> of Non-Foreign Status as required by Section 1445 of the Internal Revenue Code; and <br /> (d) a settlement or closing statement. At Closing, Landlord and County shall execute <br /> an assignment and assumption agreement whereby Landlord will assign the Shopping <br /> Center Leases to County, and County shall agree to assume all obligations of <br /> Landlord under the Shopping Center Leases effective as of the date of Closing. <br /> LEASE MODIFICATION-HILLSBOROUGH COMMONS <br /> ORANGE COUNTY <br /> 2 <br />
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