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8 <br /> 16. IMPROVEMENTS BY TENANT AND RENT CONCESSION: Per aforementioned lease <br /> commencement date and rent commencement date, Landlord provides Tenant two (2) month's rent <br /> equal to $20,828 for building upfit. Rent Commencement date is two (2) months later than Lease <br /> Commencement date. Tenant agrees to complete the following building improvements to be completed <br /> by Tenant at Tenant's expense: <br /> A. Exterior repainting of wood trim <br /> B. Interior drywall repairs and repainting <br /> C. Interior floor refinishing or replacement <br /> D. _TBD by tenant <br /> E. <br /> 17. REAL ESTATE/PROPERTY TAXES: As part of the Lease Agreement, tenant shall pay the entire <br /> Orange County Property Tax and Fee Bill for the Demised Premises directly to Orange County, for <br /> each and every year of the Lease. Landlord will provide Tenant a copy of the Orange County Property <br /> Tax and Fee Bill yearly, as soon as it is received by Landlord (typically in August). Tenant shall <br /> provide confirmation of receipt of said Bill and confirmation that said Bill has been paid before the Past <br /> Due Date (currently January 6th yearly). <br /> 18. BUILDING MAINTENANCE, UTILITIES, AND INSURANCE: Tenant will be responsible for <br /> maintenance,utilities, and insurance of the leased Demised Premised per Lease Agreement <br /> 19. SECURITY DEPOSIT: Tenant shall provide the Landlord a security deposit equal to one(1)month's <br /> rent$10,414 within five days of lease execution. <br /> 20. PAYMENTS: All payments from Tenant to Landlord shall be wire transferred into Landlord's <br /> account: <br /> FRB ABA 053000196 wire 026009593 Bank of America <br /> For credit to: Account: xxxxx744 <br /> In favor of: Account#xxxxxxx744 for: <br /> Charles J. Coates <br /> 5001 Cole Mill Road <br /> Durham,NC 27705 <br /> 21. ALL RENTS ARE DUE ON THE 11 DAY OF EACH MONTH: Any payment not received by the <br /> 10`h of the month will incur an automatic late fee of six (6%) percent of the monthly rental rate, to be <br /> paid immediately following late rent payment. <br /> Initials <br /> 5 <br /> (308 W.Franklin St.) Landlord Tenant <br />