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