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<br />REAL E S T A T E
<br />COMMERCIAL LEASE AGREEMENT
<br />lilts L-EASE, nmdc this 30th _., _„ _ _,_ _ day of _,,, July. _ , J-0 04 , by and benvrcn
<br />JCBH Properties, LLC _ ("l:nndlord") whosz address is
<br />510 Cornerstone CourY,_NifXsborough NC 27278„ and
<br />__._
<br />- County of Orange _,... _ „ , . _ ("Tenant") whose address is
<br />AT7`N:. Purchasing Director, P.O. Box,8181, Hillsborough, NC 27278_._.,. ;
<br />R'ITNESSETH:
<br />PREMISES
<br />1 Landlord, for and In consideration of the rents, covenants, agreements, and stipulations hereinafter mentioned, provided for
<br />and covenanted to be paid, kept and perfornred by Tenant, leases and rents unto Tenant, and Tenant hereby leases and takes upon dtc
<br />terms and conditions which hzreinaFler appear, the following described property (hereinafter called the "Premises"), to wit:
<br />Addrzss: _ ___ __ _ 503 Cornerstone Courf_Hlllsborough, NC_27278___i__ _
<br />Legal Descnpnon: Approximate1~4000SFOfspacelocafedln_a.commercialbuildingat __a
<br />-- - .._
<br />Cornerstone_Court !n Hillsborough,, NC„PIN 9874.40.4766, Deed Book 3046, page_258 _
<br />Sec attached 13:xhibit A for Icgal description of premises.
<br />'TERM
<br />Z. The Tenant shall have and hold the Przmisas fbr' a term of _____ one (1J y_ear____
<br />begim»ng on the 7st day of _ August*___ , ~0 04___, and ending nn the 31st day oT .._ . _ July
<br />30 OS_, at midnight, unless sooner tenninoted vs hereinafter pros rdzd the first Lease Yzar Anniversary shall be the date nvclve (12)
<br />calendar mmuhs afier the first day of tbz first lull month of the term hereof and successive Lease 1'car Anniversaries shall b2 the
<br />date twelve (12) calendar mondrs from dte previous Lease Year Anniversary.
<br />REN'T'AL
<br />3.7 enant agrees to pay Lmtdlord or its Agznt wrihout demand, deductiat or set off, an annual renml of S 33,000
<br />payable in cyual monthly ius-htllutents of 5 , _ ___ 2,750.00 i__ in advance on the first day of oath calendar month
<br />during the term hereof:. Uprnt execution of this Lease. Tenant shall pay Ur Landlord the first month's rent due hereunder Rental for
<br />any period durine the Icrm hereof which is less thmr one month shall bz the pro-rated portion of (hc monthly rental due On
<br />each I:ease Year Anniversary the annual rental payable hereunder (and accordingly the monthly installments) shall hr adjusted:
<br />'~-~ by any change in the Consumer Price Index, Url>an Wagc Earners and Clerical Rrorkers, All Ciltes (CPI- W.. 198-I9&4=100)
<br />("index") by multiplying the then effective annual rental by the value of said Index for the month nvo months prior to the Lzasc
<br />Year Anniversary and dividing the product by the value of said Index for the month nvo months prior to dte previous L.easc
<br />fear Anniversary (in the instance of the first Lease fear Anniversaq' the value of the tndex for the mo{nlt nco months prior to the
<br />first full month of the term herrol)., In the event the huizs ceases to be published, there shall be substiuncd for the Index the measure
<br />published by the US Department of Labor which most nearly approximates the Index;
<br />x as fnu~l~t:s:
<br />Increasing by 3/ annually baglnning Aug. 1, 2005 based on previous years rent Tenant can extend dre lease for addltlonal i yt. terms
<br />_~_ .. ,_ . ._._ __.._.____ ~ _....._. ______.. a.__.__-__ _ _
<br />!or up to 2 addrltanal years by g!ving 720 days wNffen notice to Landlord belore the entl or the preceding 1 yr, term "Landlord w7ll
<br />allow Tenant to occupy the building as soon as INs available fn Jul """'~' -'" "'-" " "
<br />y {at Tanan('s option) based on a daily rent or 590.00/day
<br />PaeC 1 Of $
<br />Ninth Carolina Association of REA LTORti w, Inc,
<br />o:n.,oa~ Tenant Initials iJ.'~ Landlord Initials ~ ":. ~l._` _-
<br />L ~
<br />rots f«mpnwc..~a ot~Farmulato~rc,n,: soin.~ro ego vtao2t
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<br />STANDAItU DORM 5!)0-'i
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