Agenda 8-g - ISLA, Inc. Lease - 501 W. Franklin Street, Suite 200

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Attachment 2 STATE OF NORTH CAROLINA COUNTY OF ORANGE LEASE THIS LEASE “Lease”, made and entered into as of the 1st day of July, 2018, by and between Orange County, hereinafter referred to as "County," and Immersion for Spanish Language Acquisition (ISLA), hereinafter referred to as "Tenant;" WITNESSETH: THAT FOR and in consideration of the mutual covenants and conditions hereinafter set forth, the parties hereto do hereby agree as follows: 1. Premises. County does hereby lease and let unto Tenant and Tenant does hereby accept as Tenant those certain premises designated as Suite 200, 501 West Franklin Street, Chapel Hill, Orange County, North Carolina (“Lease Premises” or “Leased Premises”), situated on that parcel having PIN 9788151996 and as more particularly shown on EXHIBIT A appended hereto. Premises are understood to include one assigned parking spaces identified within the parking area that do not interfere with marked Visitor’s Bureau guest parking. Off -site parking in addition to these assigned spaces within the Premises is the responsibility of the Tenant. 2. Acceptance of Premises. The Tenant represents that the Leased Premises, the sidewalks and structures adjoining the same, any subsurface conditions thereof, and the present uses and non-uses thereof have been examined by the Tenant. The Tenant accepts the same in the condition in which they now are without representation or warranty, express or implied, in fact or by law, by the County, the nature, condition or usability thereof, or the uses to which the Leased Premises may be put. Provided, County shall be responsible for ensuring that the heating/air-conditioning, plumbing, and electrical systems are in good operating condition; the exterior walls and roof, the lighting system (excluding such additions as may be required for Tenant's business operation) and the exterior grounds are in good repair on the date of commencement of the Lease term. County represents and warrants to Tenant that it holds unencumbered fee title to the Lease Premises. The County shall not be responsible for any latent defect or change of condition in such building, improvements, and personalty, and the rent hereunder shall in no case be withheld or diminished because any defect in such property, any change in the condition thereof, any damage occurring thereto or the existence with respect thereof of any violations of the laws or regulations of any governmental authority, except as hereinafter provided. In addition, Tenant acknowledges that the Lease Premises is a smoke free building and grounds and tobacco use inside of the building or on the grounds is prohibited. 3. Term and Rental. (a) This Lease shall commence on July 1st, 2018, and shall continue for a term of twenty-four (24) months, ending on June 30th, 2020, both dates inclusive, unless sooner terminated as herein provided. Upon mutual written agreement, this Lease may be renewed for up to two (2) twelve (12) month terms. Any renewal may be for the entire Leased Premises. The first renewal option will match the initial lease rate; the second renewal option shall be subject to a mutually agreed upon increase in rent. (b) Tenant shall maintain with the County a deposit in the amount of Six Hundred Five Dollars ($605), which is the equivalent to the rent for one (1) month. Deposit shall be held as a security deposit against claims for damages. This money may be deposited for the 5