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LEASE AEBEEMENT <br /> 5 <br /> This LEASE AGREEMENT, dated July 13, 1985, by and between the Town of Chapel <br /> Bill, as Lessor (hereinafter, the "Town"), and the County of Orange, as Lessee <br /> (hereinafter, the "County"). <br /> In consideration of the mutual covenants and conditions set forth below, the <br /> Town and the County agree as follows: <br /> 1. Lease of Premises <br /> a. The Town leases to the County the following premises (the "Leased <br /> Premises") located within the Town's building at 100 W. Rosemary <br /> Street known as the Old Police Building, in their present condition <br /> and "as is," as follows: <br /> The first floor or ground floor, of the Old Police Building, con- <br /> taining 2,900 square feet more or less. The second floor containing <br /> 2,900 square feet, the mezzanine containing 1,085 and the basement <br /> containing 2,359 for a total of 9,244 square feet of space. <br /> 2. Rent <br /> a. The County agrees to pay to the Town as rent for the leased premises <br /> the annual sum of $50,746. The amount per square is calculated as <br /> follows: <br /> Basement area - $4.00 per sq. ft. <br /> First floor, mezzanine and second floor - $6.00 per sq. ft. <br /> b. Rent shall be paid by the County to the 'Down on a quarterly basis. <br /> Such rent shall be due in the Town's Municipal Building on or before <br /> the last day of September, December, March and June, respectively. <br /> The rent for the quarter ending Septmber 30, 1985 shall be prorated <br /> from July 13, 1985 and paid at the rental rate specified above. <br /> c. The County shall be deemed to have taken possession of the Leased <br /> Premises, or any portion thereof, on the date on which the County <br /> occupies such space, or commences renovation of such space, or <br /> begins cleaning such space, whichever occurs first. <br /> 3. Terns of Lease <br /> a. The term of this lease shall commence on July 13, 1985, and shall <br /> run for a period of two years thereafter (the "Initial Term"). <br /> b. The Initial Term maybe extended for two additional years upon <br /> agreement by the Town and the County reflected in a written amend- <br /> ment or addendum to this Lease Agreement duly and validly executed <br /> by the parties. The rent for such additional two-year term shall be <br /> as specified, in such amendment or addendum so extending the term <br /> hereof. The Initial Term shall not be extended by such two-year <br /> period unless either the Town or the County shall have requested the <br /> other in writing to negotiate such an extension at least six (6) <br /> months prior to the expiration of the Initial Term. <br /> 4. Parking. The County may, as a right and incident of this lease, use <br /> parking spaces marked off in the upper parking lot of the Old Police <br />