|
TO LANDLORD : Charles J . Coates
<br /> 5001 Cole Mill Road
<br /> Durham, NC 27705
<br /> TO TENANT : Orange County, North Carolina
<br /> Po (30xgIg )
<br /> O1560!r * "k ,rrG 2 �7 c) 74?
<br /> SUCCESSORS
<br /> 25 . All rights , obligations and liabilities herein given to, or imposed upon the respective parties hereto shall
<br /> extend to and bind the several and respective heirs, executors, administrators, successors, subleasees,
<br /> licensees, concessionaires and assigns of said parties subject to the provisions of Article 21 providing
<br /> for subordination, and except as expressly provided in this Article ; and if there shall be more than one
<br /> Tenant they shall all be bound jointly and severally by the terms, covenants, conditions and agreements
<br /> herein and the word "Tenant" shall be deemed and taken to mean each and every person or party
<br /> mentioned as a Tenant herein, be the same one or more ; and if there shall be more than one tenant any
<br /> notice required or permitted by the terms of this Lease Agreement may be given by or to any one
<br /> thereof. No right, however, shall inure to the benefit of any assignee of Tenant unless the assignment to
<br /> such assignee has been approved by Landlord in writing as aforesaid. The use of the neuter singular
<br /> pronoun to refer to Landlord or Tenant may be individual, a partnership, a corporation or a group of
<br /> two or more individuals or corporations . The necessary grammatical changes required to make the
<br /> provision of this Lease Agreement apply in the plural sense where there is more than one Landlord or
<br /> tenant and to either corporations, associates, partnerships, or individuals, males or females, shall in all
<br /> instances be assumed as though in each case fully expressed.
<br /> The term "Landlord" as used in this Lease Agreement so far as covenants, conditions and agreements
<br /> on the part of the said Landlord are concerned shall be limited to mean Charles J. Coates and Geraldine
<br /> Dawson Coates, their successors and assigns . In the event of any transfer or transfers of the title to the
<br /> Demised Premises, the said Landlord (and in case of any subsequent transfers or conveyance, the then
<br /> grantor) shall be automatically freed and relieved from and after the date of such transfer or conveyance
<br /> of all liability as respects the performance of any covenants, conditions and agreements on the part of
<br /> said Landlord contained in this Lease Agreement, thereafter to be performed; provided that any amount
<br /> then due and payable to Tenant by Landlord, or the then grantor, under any provisions of this Lease
<br /> Agreement, shall be paid to Tenant. It is intended hereby that the covenants , conditions and agreements
<br /> contained in this Lease Agreement on the part of the Landlord shall, subject assaforesaid, be binding on
<br /> Landlord, its successors and assigns, only during and in respect of their respective successive period of
<br /> ownership . Further, Landlord' s liability under the Lease Agreement shall be limited to and include
<br /> only the interests of Landlord in the real estate comprising the Demised Premises .
<br /> SCOPE AND INTERPRETATION OF THE AGREEMENT
<br /> 26 . This Lease Agreement shall be considered to be the only agreement between the parties hereto
<br /> pertaining to the Demised Premises . All negotiations and oral agreements acceptable to both parties are
<br /> included herein. The laws of the State of North Carolina shall govern the validity, interpretation,
<br /> performance and enforcement of this Lease Agreement.
<br /> FORCE MAJEURE
<br /> 27 . In the event Landlord or Tenant shall be delayed, hindered or prevented from the performance of any
<br /> act required hereunder, by reason of war, civil commotion, acts of God, governmental restrictions,
<br /> scarcity of labor or materials, strikes , labor walkouts, or any other reasons beyond its control, the
<br /> performance of such act shall be excused for the period of delay, and the period of the performance of
<br /> any such act shall be extended for the period necessary to complete performance after the end of the
<br /> period of such delay.
<br /> ESTOPPEL CERTIFICATES ,
<br /> 28 . Tenant shall execute and deliver to Landlord, upon its occupancy of the Demised Premises, a
<br /> certificate/statement provided by Landlord, certifying that this Lease is unmodified and in full force and
<br /> effect, and other factual data relating to the Lease of the Demised Premises which Landlord may
<br /> reasonably request ("Estoppel") . Furthermore, Tenant may be required, from time to time during the
<br /> term of the Lease, to execute and deliver to Landlord an Estoppel for purposes of refinancing,
<br /> syndication, sale of property, etc. In such event, Tenant shall have ten ( 10) days from its receipt thereof
<br /> from Landlord to execute and deliver such fully executed Estoppel to Landlord. Tenant ' s failure to
<br /> execute said certificate shall constitute a default hereunder.
<br /> DEFAULT OF TENANT AND REMEDIES
<br /> 29 . (a) If Tenant shall hold over possession of the leasehold Demised Premises after the term has expired
<br /> or if Tenant shall fail to pay in full any rental or other sum of money due hereunder, as due on the first
<br /> day of the month, and shall continue in default in that payment of holding over for a period of ten ( 10)
<br /> Initials
<br /> 12
<br /> (308 W. Franklin St.) Landro�rd Tenant
<br />
|