|
7
<br /> LEASE PROVISIONS
<br /> 1. LANDLORD: Charles J. Coates and Geraldine Dawson
<br /> 2. TENANT: Orange County,North Carolina
<br /> 3. USE: Chapel Hill Orange County Visitors Bureau
<br /> 4. AREA OF PREMISES: 308 W. Franklin St., Chapel Hill,North Carolina 27516, a lot of
<br /> approximately 12,100 sq. ft., a building of approximately 4,008 sq. ft.,parking, and entrances.
<br /> 5. NOTICE ADDRESS: Charles J. Coates, 5001 Cole Mill Road,Durham,NC 27705
<br /> 6. LEASE TERM: 120 months
<br /> 7. RENTABLE SQ.FT.: 4008
<br /> 8. DELIVERY: '2020
<br /> 9. LEASE EXECUTION DATE: , 2020
<br /> 10. LEASE COMMENCEMENT: , 2020
<br /> 11. LEASE EXPIRES: ,20
<br /> 12. RENT COMMENCEMENT: ,2020
<br /> 13. MONTHLY BASE RENT: Year one, , 2020— , 2021: $10,414; Year two, , 2021 —
<br /> 2022: $10,726, Year three, $11,140, Year four, $11,380, Year Five, $11,721, Year Six: $12,073,
<br /> Year Seven: $12,435, Year eight: $12,808, Year nine: $13,192, Year ten: $13,588. Yearly rent
<br /> escalation of 3%/year
<br /> 14. ANNUAL BASE RENT:
<br /> Year one, ,2020— ,2021: $104,140
<br /> Year two, ,2021 — ,2022: $128,712
<br /> Year three, $132,576
<br /> Year four, $136,560
<br /> Year Five, $140,652
<br /> Year Six: $144,876
<br /> Year Seven: $149,220
<br /> Year eight: $153,696
<br /> Year nine: $158,304
<br /> Year ten: $163,056
<br /> 15. RENT ESCALATION: Three percent (3%) increases at each Lease Anniversary date from Lease
<br /> Execution Date ,2020.
<br /> Initials
<br /> 4
<br /> (308 W.Franklin St.) Landlord Tenant
<br />
|