2008 S Purchasing & Hillsborough Commons and Orange County

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Commission as evidenced by the secretary's certificate hereon. The terms and provisions of this Lease (excluding specifically, payment of Minimum Rent, Common Area Charges, Taxes and Insurance Charges and other monthly charges (hereinafter defined)) shall become effective upon the Delivery of Possession Date. The first payment of Minimum Rent, Common Area Charges, Taxes and Insurance Charges and other monthly charges shall be due and payable Ninety (90) days following the execution of this Lease by both parties (the Rent Commencement Date): Any and all payments required hereunder are contingent upon the County's receipt of the North Carolina Local Government Commission's approval of this Lease as specified in Section 44. Any monies which would have been due and payable commencing upon the Delivery of Possession Date through the Rent Commencement Date are hereby waived by Landlord as a Rental Concession. County acknowledges that Minimum Rent and all other charges pursuant to this Lease would have commenced on the date of Delivery of Possession should Landlord not have provided County with a Rental Concession for same. The term "Lease Year", as used herein, shall be a calendar year and each Lease Year shall begin on January 1. The term "Lease Year" does not apply to the Lease Term or Term as: used Herein. Lease Year. shall have no meaning as to the beginning and ending dates of the Lease and is only used for the purposes of pro-rating Common Area Maintenance, Tax and Insurance expenses, Reserves, and rent increases. The first Lease Year of this Lease Term shall begin on the first day of January next following the Commencement Date and each succeeding Lease Year shall begin on the first day of each succeeding January during the Lease Term. Any portion of the Lease Term which is prior to January 1 of the first Lease Year or after December 31 of the final Lease Year shall be deemed a "Partial Lease Year." 4. MINIMUM RENT. Beginning on the Rent Commencement Date, and not before, County shall pay, without set-off or deduction, monthly "Minimum Rent" in advance on the frst day of each calendar month in the amounts set forth in the Basic Lease Provisions. If the Rent Commencement. Date occurs on other than the first day of a month, the first installment of Minimum Rent shall be prorated on a per diem basis (based on a thirty (30) day calendar month). The first month's installment of Minimum Rent and Additional Rent along with any prorated Minimum Rent and Additional Rent due Landlord, if any, shall be due and payable on the Rent Commencement Date. 5. .OPERATING EXPENSES. (a) In addition to the Minimum Rent, County shall pay (as hereinafter defined) such expenses for Real Estate Taxes, Insurance and Operating Expenses incurred by Landlord for or during each calendar year during the Term in excess of the Base Year Stop of 221 751 (such excess hereinafter referred to as the "Excess Expenses"). ~~ (b) (i) Real Estate Taxes shall mean all governmental imposts, levies, fees, taxes, assessments (both general and special) for charges of every kind and nature whatsoever, which are levied, assessed, or imposed against the Shopping Center or any portion thereof by reason of its ownership and operation of the Shopping Center and its receipt of rent there from, including without County of Orange, in North Carolina -Hillsborough Commons 07/02!08 INITIALS LANDLORD C TY