|
29
<br /> EUROPA CENTER OFFICE LEASE
<br /> This lease(the"Lease")is made as of January , 2020 by and between Europa Center, LLC(collectively,
<br /> "Landlord")and Orange County, a North Carolina political subdivision("Tenant"). Both parties acknowledge
<br /> that Avison Young-NC, LLC, a North Carolina Limited Liability Company, is the authorized agent of Landlord,
<br /> with full power and authority to execute this Lease on behalf of Landlord and to bind the Landlord to its terms.
<br /> In consideration of the reciprocal obligations stated herein, Landlord and Tenant agree as follows:
<br /> 1. DEFINITIONS. When used in this Lease, the terms listed below shall have the meanings stated in
<br /> this Section 1.
<br /> (a) "Building": the five-story office building in which the Rented Space is located.
<br /> (b) "Commencement Date": the actual date on which the term of this Lease commences, as
<br /> provided in Section 3 below.
<br /> (c) "Common Areas": Any existing or future equipment,improvements,areas or spaces intended
<br /> for the joint use of Landlord, Tenant and other tenants, occupants or users of the Europa Center. Common
<br /> Areas include but are not limited to sidewalks, driveways, stairways, halls, lobbies, elevators, passages and
<br /> parking facilities.
<br /> (d) "CPI"shall mean the Consumer Price Index-U.S. City Averages for Urban Wage Earners and
<br /> Clerical Workers - All Items (base year 1982-84=100), published by the United States Bureau of Labor
<br /> Statistics.
<br /> (e) "Europa Center": that tract of land located in Chapel Hill Township, Orange County, North
<br /> Carolina, described in Exhibit A attached hereto and incorporated herein, and all improvements situated
<br /> thereon.
<br /> (f) "Lease Year": each twelve (12) month period of the Term beginning with March 151 and
<br /> ending on February 28th. The first Lease Year shall begin on March 1, 2020 and shall end February 28,
<br /> 2021.
<br /> (g) "Leased Premises": the Rented Space, together with the nonexclusive right to use the
<br /> Common Areas as provided in Sections 23 and 24 of this Lease.
<br /> (h) "Rentable Square Feet": the useable square feet of any area multiplied by a core factor of
<br /> 1.15.
<br /> 0) "Rented Space": that office space area shown as the cross-hatched area on Exhibit B
<br /> attached hereto and incorporated herein, which is designated Suite 101 of the Europa Center and which
<br /> consists of approximately 10,615 Rentable Square Feet.
<br /> (j) "Term": the term of this Lease as specified in subsection (a)of Section 3 below.
<br /> 2. DEMISE. Subject to the terms and conditions stated in this Lease, Landlord hereby leases the
<br /> Leased Premises to Tenant, and Tenant hereby leases the Leased Premises from Landlord.
<br /> 3. TERM AND OPTION TO RENEW.
<br /> (a) Term. The term of this Lease shall commence on the earlier of:(1)the date that Tenant takes
<br /> possession of any part of the Rented Space, or(2)March 1,2020. The term shall terminate at 11:59 P.M.on
<br /> February 28, 2023, if not sooner terminated by Landlord pursuant to the terms of this Lease.
<br /> (b) Option to Renew. Provided the Tenant is not in default of any terms of this Lease, at the end
<br /> of the Initial Term, this Lease may be extended for Two (2)terms of One(1)year each, commencing at the
<br /> expiration of the initial(or then current)term with Ninety(90)days prior written notice. See Rent Summary for
<br /> scheduled rent increases for each Option to Renew.
<br /> (c) No Reinstatement. No receipt of money by Landlord from Tenant or any other party after the
<br /> termination of this Lease shall reinstate, continue or extend the Term or affect any notice of termination
<br /> served on Tenant by Landlord.
<br /> 4. RENT.
<br /> (a) Initial Annual Base Rent. For the First Lease Year, Tenant shall pay to Landlord annual base rent in
<br /> the amount of$222,915.00, payable in equal monthly installments of$18,576.25 each,commencing Marchl,
<br /> 2020, and according to the following schedule:
<br /> .Page 4 -THE EUROPA CENTER Lease
<br /> Landlord Tenant
<br /> Initials Initials
<br />
|