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NORTH CAROLINA <br /> ORANGE COUNTY <br /> • This Agreement and Lease, made this the 1st day of July, 1981 <br /> } between NELLIE DAVIS CHESHIRE of Orange County, North Carolina, <br /> hereinafter called Lessor, and ORANGE COUNTY, hereinafter called Tenant, <br /> WITNESSETH; <br /> Lessor hereby leases to Tenant room nos. 201 and 203 on the <br /> second floor of the Cheshire Building, situated at the northeast corner of <br /> Churton and King Streets in Hillsborough, North Carolina, to be used for <br /> offices and no other purpose, for the term of one (1) year beginning on July 1, <br /> 1981 and ending on June 30, 1982. The rental to be paid by Tenant shall be <br /> $175.00 per month, said payments to be made on or before the first day of <br /> each calendar month in advance. Tenant shall have the option to renew this <br /> lease for one (1) year terms upon its giving notice to Lessor of its intent to <br /> exercise said option no later than thirty (30) days prior to the expiration of <br /> the initial and any renewal terms. Rent for any renewal terms shall be <br /> computed as follows; <br /> (a) Rent for the term July I, 1981 to June 30, 1982 shall be <br /> referred to as the Base Rent. <br /> (b) For each lease year commencing with the second lease year, <br /> Tenant shall, upon notification to do so received from Lessor, also pay to <br /> Lessor as additional rent along with the Base Rent a sum equal to one-half <br /> (1/2) of the decrease, if any, in the purchasing power of the amount of the <br /> Base Rent since the commencement date of the original lease term. The <br /> amount of any such decrease, the amount of the additional rent and the <br /> method of payment thereof shall be calculated and determined in the manner <br /> set forth under sub-paragraph (a) of this paragraph. <br /> (a) Not later than thirty (30) days prior to June 30 of each <br /> completed lease year, the Lessor shall deliver to the Tenant a copy of the <br /> Consumer Price Index (hereinafter referred to as the "Index") for Washington, <br /> D.C. for all items of the Bureau of Labor Statistics of the United States <br /> 1N BERNHOLZ. <br /> JN.BERNHOLZ. Department of Labor for each month of the completed lease year. If the <br /> (,LEDHXLZ, <br /> kARs RT Vw Index average each month of the completed lease <br /> p year shows a decrease in <br /> APEL HILL.N.0 <br /> _LOROUGH.NC. <br /> -1- <br />