Agenda - 07-06-1987 - Laserfiche WebLink

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038 PAGE 1 LEASE This lease agreement, dated the sixth day of July, 1987, by and between the County of Orange, hereinafter called the County and Grey Moody, hereinafter called the Owner. WITNESSETH: The Owner hereby leases to the County and the County hereby leases from the Owner, the following described property, sometimes hereinafter referred to as the leased premises to-wit: Space in the amount of approximately 4,800 square feet, to be located in the building located at 103 Laurel Avenue, Carrboro, NC 1. TERM: The term shall commence on the 6th day of July, 1987 and end on the 30th day of June, 1992 , on the terms and conditions set forth herein. The County shall have the right to renew lease for additional term upon agreement of both the Owner and the County. Intent to non-renew the lease must be provided by either party no less than ninety (90) days prior to lease expiration in the manner stipulated under NOTICES (section 4) . 2. USE AND POSSESSION: It is understood that the leased premises are to be occupied solely by Orange County Departments or affiliated departments for general office purposes. The County, at the expiration of the term, shall deliver up the leased premises in good repair and condition, damages beyond the control of the County, reasonable use, ordinary decay, wear and tear excepted. 3. RENT: a. ) The County agrees to pay to the Owner the monthly rental, in advance, on the first day of each and every month. Rent shall be paid to the Owner at such location as is designated in writing. B. ) Rental Schedule: 1st year $28,800 per year $2,400 per month 2nd year $28,800 per year $2,400 per month 3rd year $28,800 per year $2,400 per month 4th year $30,528 per year $2,544 per month 5th year $32,360 per year $2, 696.64 per month