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<br /> 4. (a) Tenant shall use and occupy the Demised Premises solely for the purpose as the Chapel Hill Orange
<br /> County Visitors Bureau
<br /> (b) Tenant agrees that the Demised Premises shall not be used, assigned or subleased for any illegal use.
<br /> (c) Tenant shall not do or permit to be done in the Leased Demised Premises or Site, or bring or keep
<br /> anything into the Leased Demised Premises or Site, which shall in any way increase the rate of fire
<br /> insurance on the Building,or on the property kept in the Building.
<br /> (d) Tenant shall not, keep, use, store, or dispose of, substances designated as or containing components
<br /> designated as hazardous, dangerous, toxic or harmful and/or subject to regulation under any federal,
<br /> state or local law,regulation or ordinance, on or around the Leased Demised Premises.
<br /> TERM
<br /> 5. The initial term of this Lease Agreement shall commence on ,2020 and expire on ,20_
<br /> RENTAL
<br /> 6. (a) During the term of this Lease, Tenant covenants and agrees to pay to Landlord the monthly rental
<br /> amounts shown in Lease Provisions. (In consideration of the Tenant completing the noted repairs /
<br /> improvements to the property, the Tenant will pay no rent for the first two (2) months). Said monthly
<br /> installments are to be paid in advance on the first day of each and every calendar month. Any payment
<br /> not received by the 10t'of the month will incur an automatic late fee of six(6)percent.
<br /> (i) The term"lease year" as used in this lease, refers to the period from the Lease Commencement
<br /> Date to the same next succeeding date, both dates inclusive, to each successive twelve (12)
<br /> month period thereafter throughout the Lease Term.
<br /> (b) Time and Place of Payment: Tenant will make all payments, including rent, taxes, and damage
<br /> deposit by wire transfer to: ABA 053000196, wire 026009593, Bank of America, For credit to:
<br /> Account: xxxxxxxx744, Bank of America, Incoming Wire Account, In favor of: Account
<br /> xxxxxxxxx744 in favor of Charles J. Coates, 5001 Cole Mill Road,NC 27705, or to such other person
<br /> or corporation and at such other place as shall be designated by Landlord in writing at least ten (10)
<br /> days prior to the next ensuing payment date.
<br /> SECURITY DEPOSIT
<br /> 7. Tenant shall provide the Landlord a security deposit equal to one (1) month's rent upon lease
<br /> execution. Landlord shall acknowledge receipt from tenant of this sum of $10,414, which sum
<br /> Landlord shall retain as security for the performance by tenant of each of its obligations under this
<br /> lease. It is mutually agreed Tenant shall receive no interest related to said security deposit. If Tenant
<br /> fails, at any time, to perform its obligations, landlord may, at its option, apply said deposit, or so much
<br /> thereof as is required, to cure tenant's default; but if at any time prior to the termination of this lease
<br /> Landlord depletes the deposit, in whole or in part, Tenant shall immediately restore the amount so used
<br /> by Landlord. Unless Landlord uses the deposit to cure a default of Tenant, or to restore the leased
<br /> Demised Premises to the condition that Tenant is required to leave them at the conclusion of the term,
<br /> Landlord shall within thirty(30)days of the termination of the Lease refund so much of the deposit as it
<br /> continues to hold to Tenant.
<br /> UTILITIES
<br /> 8. During the term of this Lease Agreement, the Tenant shall pay for all electricity, gas, heat, air
<br /> conditioning, water, sewer,janitor service, garbage disposal and other utilities or services required by it
<br /> in the use of the Demised Premises. Landlord shall have no liability for failure to provide such
<br /> electricity, gas,heat, air conditioning,water, sewer or other utilities or services.
<br /> TAXES
<br /> 9. (a) As part of the Lease Agreement, tenant shall pay the entire Orange County Property Tax and Fee
<br /> Bill for the Demised Premises directly to Orange County, for each and every year of the Lease.
<br /> Initials
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<br /> (308 W.Franklin St.) Landlord Tenant
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