Agenda - 01-21-20 8-l - Lease of 308 W. Franklin Street and Suite 101 at the Europa Center, and Approval of Budget Amendment #4-C

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23 STATE OF NORTH CAROLINA COUNTY OF ORANGE GUARANTY OF LEASE THIS GUARANTY OF LEASE, made and entered into October 10, 2007 by and between Charles J. Coates and Geraldine Dawson Coates as Landlord, and Orange County,North Carolina, as Tenant, for premises located at 308 W. Franklin St., Chapel Hill,NC 27516; In consideration of Landlord's entering into the foregoing Lease (herein called the "Lease") with Tenant, and other good and valuable consideration,the receipt and sufficiency of which is acknowledged by the undersigned(herein called"Guarantors"), Guarantors guarantee the full and punctual payment of rent and other charges, rates and sums to be paid by Tenant (or any permitted successor, assignee or subtenant of Tenant, herein collectively called "Tenant") under the Lease and the performance by Tenant of all of the terms and conditions thereof, and agrees as follows: 1. Guarantors hereby unconditionally and irrevocably guarantee to Landlord: (i) the due and punctual payment in full(and not merely the collectability) of the Rent due and payable under the Lease; (ii) the due and punctual payment in full(and not merely the collectability)of all other sums and charges which may at any time be due and payable in accordance with, or under the terms of the Lease, whether to Landlord or third parties; (iii) the due and punctual payment in full(and not merely the collectability) of all damages which may arise or be payable as a consequence of nonperformance or nonobservance of any term, covenant or condition contained in the Lease on the part of the Tenant thereunder to be performed or observed (whether provided for in the Lease or otherwise allowable by law); and (iv) the due and punctual performance of all of the other terms, covenants and conditions contained in the Lease on the part of the Tenant to be performed. If Tenant shall fail to duly and punctually pay such Rent or any other sums, charges or damages due to Landlord or third parties under the Lease, Guarantors shall forthwith pay the same, together with interest on the Rent and other sums which are payable directly to Landlord at the rate of eighteen percent (18%) per annum simple interest (or the then maximum rate of interest permitted by law, whichever is less), and together with interest and/or penalties on such sums, charges and damages which are due to third parties under the Lease, from the due date thereof under the Lease to the date of payment. Interest shall accrue and become payable only upon and after the expiration of any grace period. 2. Guarantors expressly agree that Landlord may, in its sole and absolute discretion, without notice to or the further assent of Guarantors and without in any way releasing, affecting or impairing the obligations and liabilities of Guarantors hereunder (except that the obligations and liabilities of Guarantors hereunder shall be reduced or released to the same extent as Tenant's obligations are expressly reduced or released action of Landlord under subdivisions (i), (ii), and (iii) hereof), (1) waive compliance with or any default under, or grant any other indulgences with respect to, the Lease; (ii)modify, amend or change any provisions of the Lease; (iii) grant extensions or renewals of the Lease and/or effect to the substitution, exchange, release or other disposition for all or any part of the Leased Premises; (iv) make advances for the purposes of performing any term or covenant contained in the Lease, with respect to which the Tenant shall be in default; (v) assign or otherwise transfer its interest in the Leased Premises, or this Guaranty or any interest therein or herein; (vi) consent to an assignment of the Tenant's interest under the Lease by Tenant; and (vii) deal in all respects with the Tenant as if this guaranty be unconditional, irrespective of the genuineness, validity, regularity or Initials 20 (308 W.Franklin St.) Landlord Tenant