Item 8-g - Assignment of Leasehold Interest to Chapel Hill Carrboro City Schools

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7 NOW THEREFORE, in exchange for the mutual promises contained herein, Landlord, Tenant, and Property Owner agree to amend the Lease as follows: 1. Any capitalized terms not defined herein shall have the meanings ascribed to them in the Lease. The recitals in this First Amendment are incorporated herein by this reference. 2. The first sentence of Section 2(b) of the Lease is replaced with the following: Tenant is hereby granted the option to extend the Initial Term of this Lease for one (1) additional period of ten (10) years, followed by four(4) additional periods of five (5) years each, immediately followed by one (1) additional period commencing on November 1, 2038, and expiring twenty-five (25) years after the Effective Date of the First Amendment (as defined in the First Amendment) (each of the foregoing terms being an "Extended Term"). The parties agree that the intent of the foregoing is to extend the term of the Agreement to expire twenty-five (25) years from the Effective Date of this First Amendment. 3. As additional consideration for amending the Lease in accordance with this First Amendment, on November 1, 2018, the annual rent shall increase to Forty One Thousand Four Hundred and 00/100 Dollars ($41,400.00) per year. Following such increase, the annual rent shall continue to adjust pursuant to the terms of the Lease. Rent shall be paid annually, in advance. 4. Section 3(c) of the Lease is amended by adding the following paragraph to the end thereto: Commencing on November 1, 2019, and every year thereafter (each an "Adjustment Date"), the annual rent shall increase by an amount equal to three and one-half percent(3.5%) of the annual rent in effect for the year immediately preceding the Adjustment Date. 5. The parties agree to amend the description of the Leased Premises to be as shown as the "Lease Area" in Exhibit A attached hereto and incorporated herein, and described as the "Tower Lease" by metes and bounds on Exhibit B attached hereto and incorporated herein, and Landlord does hereby lease same to Tenant for those uses provided for in the Lease. Exhibit A and Exhibit B attached to this First Amendment shall replace any and all descriptions of the Leased Premises. 6. (a) The parties agree to amend the description of the Access Easement granted in the Lease to reflect the access and utility easement shown as the "Access/Utility Easement" in Exhibit A attached hereto and described as the "Access/Utility Easement" by metes and bounds in Exhibit B attached hereto, and Landlord does hereby grant said easement for those uses provided for and in accordance with the terms of the Lease, including, without limitation, those terms provided for in Section 6 of the Lease. The description of the Access Easement attached hereto as Exhibit A and Exhibit B shall replace the description of the Access Easement attached as Exhibit "D"to the Lease. Site Name: Culbreth BU: 814444 -2- PPAB 4184478v2