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I <br />U <br />NORTH CAROLINA <br />COUNTY OF ORANGE <br />LEASE AGREEMENT RENEWAL <br />WHEREAS, a lease agreement was made and entered into as of <br />the sixth day of July, 1987, by and between the County of <br />Orange, (the County), and Grey Moody, (the owner), for space <br />to be used as offices for County and Court functions at <br />103 Laurel Avenue, Carrboro, North Carolina; <br />WHEREAS, the County and the Owner wish to renew the lease <br />agreement as amended; <br />NOW THEREFORE, the COUNTY and the OWNER mutually agree to the <br />following: <br />1. The lease agreement will be continued for a <br />period of one year commencing on July 1, 1992 <br />and ending at 12:00 midnight on June 30, 1993; <br />Before June 30, 1993 the County Commissioners <br />will take action to commit to either a two -year <br />or a four --year extension and will cause a <br />renewal to be executed. <br />2. Section 3 (b), Rent Schedule, shall read as <br />follows: <br />July 1, 1992 through June 30, 1993; $33,330/yr. <br />At June 30, 1993, if the County elects to <br />renew for two additional years, the increase <br />will be four and one half percent (4.5 %) for <br />years two and three of the renewal. <br />At June 30, 1993, if the County elects to renew <br />for four additional years, the increase will be <br />three percent (3%) for years two through five <br />of the renewal. <br />3. Section 4, Notices; County's address shall be <br />changed to read as follows: <br />Orange County <br />Department of Purchasing and Central Services <br />132 East King Street/ PO Box 8181 <br />Hillsborough, NC 27278 <br />