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... <br /> s <br /> exemption, which shall be uniform for all instruments <br /> subject to the tax, shall be made annually by the Board <br /> and no later than June 30 of each year affecting <br /> instruments recorded on and after July 1 of the same <br /> year . An exemption election by the Board shall <br /> Y <br /> Iautomatically expire on June 30 of the year following <br /> i <br /> its election. <br /> i (2) An instrument conveying an interest in real property <br /> i from the United States, the State, or a political <br /> subdivision of the State shall be exempt from the tax. <br /> (3) An instrument conveying an interest in real property to <br /> 4 <br /> 4 <br /> i a not for profit organization, organized as such under <br /> 1 <br /> ithe laws of North Carolina and which organization has <br /> received a certificate of tax exemption from the . <br /> 4 <br /> Internal Revenue Service shall be exempt from the tax. <br /> i <br /> (4) An instrument recording a lease for a term of 10 years <br /> c <br /> i <br /> ior less, unless: <br /> a. The lease gives the lessee an option to renew the <br /> I <br /> lease for a period that, when added to the term of <br /> the lease, exceeds the 10-year limitation; or <br /> a <br /> b. The lease is for substantially the same property <br /> a <br /> > and is between the same parties as a lease <br /> previously recorded , and the term of the new <br /> lease, when added to that of the previous lease, <br /> 1 exceeds the 10-year limitation; or <br /> ,i <br /> i . <br />