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Agenda 04-16-2019 8-e - Lease Modification for Hillsborough Commons
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Agenda 04-16-2019 8-e - Lease Modification for Hillsborough Commons
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4/12/2019 1:28:28 PM
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BOCC
Date
4/16/2019
Meeting Type
Regular Meeting
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Agenda
Agenda Item
8-e
Document Relationships
2019-229 AMS - Hillsborough Commons lease amendment
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\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2019
Agenda - 04-16-2019 Regular Meeting
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\Board of County Commissioners\BOCC Agendas\2010's\2019\Agenda - 04-16-19 Regular Meeting
Minutes 04-16-2019 Regular Meeting
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2019
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5 <br /> Attachment 2 <br /> Exhibit F <br /> FORM OF TENANT ESTOPPEL <br /> Purchaser: [Boyd Watterson Acquisitions, LLC] or its nominee <br /> Tenant: Orange County North Carolina <br /> Demised Premises: Building comprising approximately 66,444 square feet at 113 Mayo <br /> Street, Hillsborough, NC (the "Demised Premises"); a portion of Hillsborough Commons <br /> Shopping Center. <br /> TENANT CERTIFIES TO PURCHASER, SOLELY AS OF THE DATE HEREOF, THAT: <br /> 1. Tenant and Hillsborough Commons LLLP ("Landlord") entered into a Lease for the lease <br /> of the Premises dated July 25, 2008 (the "Original Lease"), as amended by the Lease <br /> Modification dated November 12, 2015 and as amended by the Lease Modification dated <br /> (the "Lease Modifications" and collectively the Original Lease, <br /> the"Lease"). <br /> 2. Tenant is the sole tenant of the Demised Premises under the Lease. <br /> 3. The current base rent is $71,705 per month. Tenant's proportionate share of the shopping <br /> center is 100%. The base year stop for the landlord's share of annual Real Estate Taxes, <br /> Insurance and Operating Expenses (as defined in the Lease) is $136,687.32 per annum. <br /> 4. The current Lease term expires on January 21, 2024; following which Tenant has three <br /> (3) optional five (5)-year extensions. <br /> 5. The Lease is in full force and effect and has not be assigned, modified, supplemented, <br /> altered or, amended in any respect except as set forth above and is the only lease or <br /> agreement between Tenant and Landlord affecting the Premises. Tenant is not entitled to <br /> receive any concession, reimbursement or benefit (rental or otherwise) or similar <br /> compensation in connection with renting the Premises other than _None_. If none, <br /> state "None." <br /> 6. The Lease is valid and in full force and effect and Tenant is not presently in default under <br /> the Lease and no event has occurred and no condition exists which, with the giving of <br /> notice or the passage of time or both, would constitute a default by Tenant under the <br /> Lease, except_None_. If none, state "None." <br /> 7. Tenant currently has no defense, set-off against the payment of rent or other amounts due <br /> from Tenant to Landlord under the Lease, or counterclaim against Landlord arising out of <br /> the Lease or in any way relating to the Lease. <br />
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