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3 <br />LEASE AGREEMENT <br />THIS LEASE AGREEMENT ("Lease") is made and entered into effective as.of the Effective Date <br />(as hereinafter defined) by and between the undersigned Lessor and Lessee. <br />THAT: <br />WHEREAS, Lessor is the owner of fee simple title to the Property and, as of the Commencement <br />Date (as hereinafter defined), shall be the owner of fee simple title to the Premises; and <br />WHEREAS, Lessee desires to lease the Premises from Lessor, and Lessee desires to Lease the <br />Premises to Lessee, pursuant to the terms, conditions and covenants set forth below. <br />NOW, THEREFORE, in consideration of the terms, conditions and covenants set forth below and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby, acknowledged, Lessor <br />and Lessee agree, covenant and bind themselves as follows: <br />ARTICLE I - DEFINMONS <br />Section 1.01 Definitions. When and as used in this Lease, the following terms shall have the <br />meanings ascribed to them: <br />(a) Additional Rent. "Additional Rent" shall mean any and all late fees and other fees, costs, <br />charges, expenses and assessments, exclusive of Annual Rent, chargeable to Lessee as provided in this Lease. <br />(b) Annual Rent. "Annual Rent" shall mean the amount of rent which Lessee shall pay to <br />Lessor for the term of this Lease. Annual Rent shall not include Additional Rent. <br />(c) Building. "Building" shall mean the Gateway Center Building a three (3) floor commercial <br />use building which shall be constructed by Lessor upon the Property in accordance with the Building Plans <br />and Specifications. <br />(d) Building Plans and Specifications. "Building Plans and Specifications" shall mean the site <br />plan, elevations, floor plans and other renderings relative to the Gateway Center Building. substantially in the <br />form attached as EXHIBIT B as same may be amended, modified and/or supplemented from time to time. <br />(e) Commencement Date. "Commencement Date" shall mean the date as of which (i) the <br />Building is substantially complete, (ii) the Premises Upfit is substantially complete, (iii) the Plat and Plans <br />and the Condominium Declaration have been recorded in the office of the Register of Deeds of Orange <br />County, North Carolina, (iii) Lessor has obtained the issuance of a Certificate of Occupancy for the Premises, <br />and (iv) Lessor has delivered possession of the Premises to Lessee. <br />(f) Common Area. "Common Area" shall mean the grounds, parking areas, driveways, <br />sidewalks, entrances, lobbies, hallways, stairwells and elevators located in the Building or otherwise upon the <br />Property, exclusive of any Limited Common Elements allocated by the Plat and Plans and/or the <br />Condominium Declaration for the exclusive use of the ground floor condominium unit (Unit 100). <br />(g) Condominium. "Condominium" shall mean the Gateway Center Building Condominium., a <br />commercial use condominium which shall consist of the Building, the Units and the other Common Elements <br />as provided in the Plat and Plans and in the Condominium Declaration.'