Agenda - 06-26-2007-4k - Laserfiche WebLink

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REAL E S T A T E COMMERCIAL LEASE AGREEMENT THIS LEASE, made this ._ _ day of April ._, 20 04 , by and between ._ .. ..__ JCBH Properties,.LLC _, ... ("Landlord") whose address is ._ _ S10 Cornerstone Court, Hillsboraugh,_NC 27278 and _ .. _... . __ County of Orange . _ . .._ {"Tenant") whose address is . .._. P.O. Box 8~f87r Hillsborough, NC 27278 .... ; WITNESSETH: PREMISES 1. Landlord, for and in consideration of the rents, covenants, agreements, and stipulations hereinafter mentioned, provided for and covenanted to be paid, kept and performed by Tenant, leases and rents unto Tenant, and Tenant hereby leases and takes upon the terms and conditions which hereinafter appear, the following described properly (hereinafter called the "Premises"), to wit: Address:. _ 503 Cornerstone Court, Hillsborough, NC 27278 __ _ . Legal Description: ~4pproximatety 4000 SF of space located in a commercial building and rear __ _ outside storage of Cornerstone Courtin Hillsborough,. NC, l?/N 9874-4Q-4766 DB 3046!258 See attached Exhibit A . _ far legal description of premises. TERM 2. The Tenant shall have and hold the Premises for a term of _ , . ., three (3) years" __... . beginning on the 1st day of July'"`" , 20 _ 04_ ,and ending on the 30th day of June , 20 07 , at midnight, unless sooner terminated as hereinafter provided. The first Lease Year Anniversary shall be the date twelve{12} calendar months after the first day of the first full month of the term hereof and successive Lease Year Aaniversaries shall be the date twelve (12} calendar moaths from the previous Lease Year Anniversary. RENTAL 3. Tenant agrees to pay Landlord or its Agent without demand, deduction or set off, an annual rental of $ 32,640.00 payable in equal monthly installments of $ 2 720.00 in advance on the first day of each calendar month during the term hereof. Upon execution of this Lease, Tenant shall pay to Landlord the first month's rent due hereunder. Rental for any period during the term hereof which is less than one month shall be the pro-rated portion of the monthly rental 'due. On each ,Lease Year Anniversary the annual rental payable hereunder (and accordingly the monthly installments) shall be adjusted: ~- by any change in the Consumer Price Index, Urban Wage Earners and Clerical Workers, All Cities (CPI-W, 1982-1984=100) ("Index") by multiplying the then effective annual rental by the value of said Index for the month two months prior to the Lease Year Anniversary and dividing the product by the value of said Index for the month two months prior to the previous Lease Year Anniversary (in the instance of the first Lease Year Anniversary the value of the Index for the month two months prior to the first full month of the term hereof). In the event the Index ceases to be published, there shalt be substituted for the Index the measure published by the US Department of Labor which most nearly approximates the Cndex; as follows: `Tenant shall have fhe right fo renew the Jease for there additional years w_ith_90 days advanced wrKten nofice atan annual rate of $35,000 or $T,996.67lmo. '"'Landlord will allow Tenant to occupy the building as soon as it is available in June (at T'enant's option) based on a daily rent of $80.00 per day. Page 1 of S ® North Carolina Association of REALTORS®, Inc. FlEALTOR~ Tenant Initials Landlord initials " STANDARD FORM 590-T v~'.ormNm ©7J~r~~~. This tam produced by FO!?!f~//e7tOl~' Fmms So(iw~e 8fl0-33fi-1027