2018-557 AMS - Tricor Hillsborough Commons lease amendment

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LEASE MODIFICATION THIS MODIFICATION OF LEASE made and entered into this 20th day of September , 20 18 by and between HILLSBOROUGH COMMONS,LLLP as(hereinafter"Landlord"and/or "Seller"), and ORANGE COUNTY,NORTH CAROLINA, (hereinafter"Buyer"and/or"County" and/or "Tenant"; WITNESSETH: Recitals Whereas Landlord and Tenant entered into that certain Lease Agreement dated July 25, 2008 and modified January 12, 2015, modified November 12, 2015 in connection with certain premises situated and being in Orange County and the State of North Carolina being more particularly described in said Lease Agreement; and Whereas, Tenant has leased Unit 01 and Unit 03 containing 66,444 square feet which agreement has an expiration date of January 21, 2019, subject to four (4) renewal option of five (5) years each, with rent escalations at the beginning of each such renewal option; and Whereas, Tenant's current Lease term will expire January 21, 2019; and Whereas, Tenant and Landlord desire to amend the Lease Agreement to exercise the first renewal option; and Whereas, Tenant and Landlord have agreed upon the terms of the amendment and desire to so modify the Lease. Now, therefore, for and in consideration of the sum of$1.00 and other good and valuable consideration each to the other paid the receipt and sufficiency of which consideration is hereby acknowledged,the parties hereto hereby agree as follows: Terms: 1. The recitals to this Modification are hereby incorporated into and made a part of this Agreement. 2. Tenant hereby exercises the first of its renewal options. 3. The expiration date of the Lease shall be January 21, 2024. 4. The Base Rent for the Combined Space for the renewal option shall be as follows: Renewal option one (1) January 22, 2019—January 21, 2024 Monthly: $71,705 Annual: $860,460 5. Tenant shall retain the three (3) remaining renewal options as below: Renewal option two (2) January 22, 2024—January 21, 2029 Monthly: $77,740 Annual: $932,880 Renewal option three (3) January 22, 2029—January 21, 2034 Monthly: $84,385 Annual: $1,012,620 Renewal option four(4) January 22, 2034—January 21, 2039 Monthly: $91,694 Annual: $1,100,328 6. In all other respects said Lease Agreement shall remain in full force and effect unchanged and shall not be altered in any way by this modification. 7. By executing this Lease Landlord certifies that Landlord and its officers and agents, to the best of their knowledge and belief, have not been identified, and have not utilized the services of any agent or subcontractor identified, on the lists created by the State Treasurer pursuant to G.S. 147-86.58 and G.S. 147-86.81. LEASE MODIFICATION-HILLSBOROUGH COMMONS ORANGECOUNTY 1