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Item 8-g - Assignment of Leasehold Interest to Chapel Hill Carrboro City Schools
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Item 8-g - Assignment of Leasehold Interest to Chapel Hill Carrboro City Schools
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10/16/2018
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Agenda
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8-g
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Agenda - 10-16-2018 Regular Board Meeting
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9 <br /> 9. As additional consideration for amending the Lease in accordance with this First <br /> Amendment, Tenant agrees to pay to Landlord Twenty-Five Thousand and 00/100 Dollars <br /> ($25,000.00)within sixty(60) days of full execution of this First Amendment by both parties. <br /> 10. Upon expiration or termination of the Orange County Lease, the Lease will <br /> continue in full force and effect notwithstanding such expiration or termination, and the party <br /> then in possession of the Leased Premises shall automatically assume all rights and obligations <br /> of Landlord under the Lease without any interruption in the term or Tenant's possession under <br /> the Lease. <br /> 11. Representations, Warranties and Covenants of Landlord. Landlord represents, <br /> warrants and covenants to Tenant as follows: <br /> (a) Landlord is duly authorized to and has the full power and authority to <br /> enter into this First Amendment and to perform all of Landlord's obligations under the Lease as <br /> amended hereby. <br /> (b) Tenant is not currently in default under the Lease, and to Landlord's <br /> knowledge, no event or condition has occurred or presently exists which, with notice or the <br /> passage of time or both, would constitute a default by Tenant under the Lease. <br /> 12. Representation, Warranties and Covenants of Property Owner. Property Owner <br /> represents, warrants and covenants to Tenant as follows: <br /> (a) Property Owner is duly authorized to and has the full power and authority <br /> to enter into this First Amendment and to bind Property Owner. <br /> (b) Except as expressly identified in this First Amendment, Property Owner <br /> owns the Leased Premises free and clear of any mortgage, deed of trust, or other lien secured by <br /> any legal or beneficial interest in the Leased Premises, or any right of any individual, entity or <br /> governmental authority arising under an option, right of first refusal, lease, license, easement or <br /> other instrument other than any rights of Tenant arising under the Lease as amended hereby and <br /> the rights of utility providers under recorded easements. <br /> (c) Property Owner acknowledges that the Leased Premises, as defined, shall <br /> include any portion of Property Owner's property on which communications facilities or other <br /> Tenant improvements exist on the date of this First Amendment. <br /> 13. Property Owner does hereby consent to Landlord's lease of the Leased Premises <br /> to Tenant, as amended herein,pursuant to Section 10.1 of the Orange County Lease. <br /> 14. IRS Form W-9. Landlord agrees to provide Tenant with a completed IRS Form <br /> W-9, or its equivalent, upon execution of this First Amendment and at such other times as may <br /> be reasonably requested by Tenant. In the event the Leased Premises is transferred, the <br /> succeeding Landlord shall have a duty at the time of such transfer to provide Tenant with a <br /> completed IRS Form W-9, or its equivalent, and other related paper work to effect a transfer in <br /> rent to the new Landlord. Landlord's failure to provide the IRS Form W-9 within thirty (30) <br /> Site Name: Culbreth <br /> BU: 814444 -4- <br /> PPAB 4184478v2 <br />
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