Agenda - 10-04-1993 - VIII-C - Laserfiche WebLink

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A4DD/ iG�Tio/k)s ikFLy qtr `f i'rJ -EGTID . HnIV STATE OF NORTH CAROLINA LEASE AGREEMENT COUNTY OF ORANGE THIS LEASE AGREEMENT, made and entered into this , the day of October, 1993 , by and between CCR BUILDING JOINT VENTURE, a North Carolina partnership, hereinafter referred to, as "LANDLORD" , and COUNTY OF ORANGE, a North Carolina corporation, hereinafter referred to as "TENANT" . W I T N E S S E T H: 1 . PREMISES . Landlord hereby leases to Tenant and Tenant leases from Landlord, for the term and upon the terms and conditions hereinafter set forth, the premises described in "EXHIBIT A" , attached hereto and made a part hereof containing approximately 4, 416 square feet , together with the right to use all adjoining parking areas, driveways , sidewalks, roads , alleys and means of ingress and egress , insofar as Landlord has the power to lease or license the use thereof (all hereinafter referred to as the "Premises" ) . 2 . TERM. The term of this Lease shall commence on the date that Landlord tenders possession to Tenant, free and clear of all tenancies except those that Tenant chooses to accept as subtenants, ( "Commencement Date" ) but not later than December 1, 1993 , and shall continue for a term of one hundred twenty months (plus the number of days from the acquisition date until the first day of the next succeeding month) , unless sooner terminated as hereafter provided. In the event that Landlord has not tendered possession acceptable to Tenant on or before December 1, 1993 , then this Lease shall , at the option of either party, be terminable upon written notice without liability of either party to the other. A Lease Year shall be a term of twelve months commencing on the first day of the month following the Commencement Date (or the Commencement Date if that is the first day of a month) , or any subsequent twelve month period. 3 . GUARANTEED MINIMUM RENTAL . The Tenant agrees to pay to the Landlord at the office of the Landlord or at such other place designated by the Landlord, the guaranteed rental of $4, 784 . 00 per month payable on or before the let day of each calendar month commencing with the Commencement Date ( "Initial Rental Rate" ) . Effective on the first day of each Lease Year after the first Lease Year ( "Adjustment Date" ) , the Guaranteed Minimum Rental shall be increased by the amount determined by multiplying the Initial Rental Rate by that percentage which represents any cost of living increase between the Commencement Date and the Adjustment Date . Such percentage shall be determined by utilizing the appl icable indices determined by the United States Bureau of Labor Statistics (or its successor organization) through its Consumer Price Index entitled "United States City Average - All Items - All Urban Consumers Index" , Such adjustment shall be 'made effective as of