Orange County NC Website
Browse       Search
(3) additional consecutive five-year terms, provided that notice of the exercise of each such option <br /> is given in writing to the Owner not later than 60 days prior to the date of termination of the then <br /> effective lease term. Except as herein otherwise provided, all terms and covenants contained in <br /> this Lease shall be in full force and effect during any extension period. <br /> 3. Guaranteed Minimum Rental. The County agrees to pay to the Owner, the <br /> guaranteed rental of$200 per month payable on or before the 10th day of each calendar month <br /> commencing with the Commencement Date ("Initial Rental Rate"). Effective on the first day of <br /> each Lease Year after the first Lease Year("Adjustment Date"), the Guaranteed Minimum Rental <br /> shall be increased by the amount determined by multiplying the Initial Rental Rate by that <br /> percentage which represents any cost of living increase between the Commencement Date and the <br /> Adjustment Date. Such percentage shall be determined by utilizing the applicable indices <br /> determined by the United State Bureau of Labor Statistics (or its successor organization)through <br /> its Consumer Price Index entitled "United States City Average-All Items- All Urban Consumers <br /> Index". Such adjustment shall be made effective as of the Adjustment Date, as soon as possible <br /> after the index for the applicable month is published, with any deficiency due and payable with the <br /> next monthly installment of rent. Anything contained herein to the contrary notwithstanding, in <br /> the event that the adjustment would reduce the monthly rental from the monthly rental in effect <br /> for the preceding Lease Year, no such adjustment shall be made and the rental then in effect shall <br /> continue through the next Adjustment Date. <br /> 4. Improvements and Maintenance: The County shall have the right to make any and all <br /> improvements, temporary or permanent, to the premises as deemed necessary and desirable by the <br /> County for its use of the premises. It is anticipated that County will use the premises as the site of <br /> 2 <br />