|
Mail after Recording to : Steven A . Arndt , P . O . Box 8181 Hillsborough , NC 27278
<br /> STATE OF NORTH CAROLINA
<br /> MEMORANDUM OF LEASE
<br /> ORANGE COUNTY
<br /> THIS MEMORANDUM OF LEASE ( " Memorandum " ) , made and entered into as of the last date set
<br /> forth in the notary acknowledgments below (the " Effective Date " ) , by and between Charles J . Coates
<br /> and Geraldine Dawson ( " Landlord " ) and ORANGE COUNTY , a political subdivision of the State of
<br /> North Carolina , hereinafter referred to as ( " Tenant" ) . Landlord and Tenant may be collectively referred
<br /> to hereinafter as the " Parties " or individually as the " Party . "
<br /> WITNESSETH :
<br /> WHEREAS , the Parties executed a Lease Agreement for the Premises on or about January
<br /> 24 , 2020 ; and
<br /> WHEREAS , the Parties desire to record this Memorandum for the purpose of providing record
<br /> notice of the existence of the Lease and certain of the terms contained therein .
<br /> NOW, THEREFORE , for and in consideration of the terms , covenants , and conditions set forth
<br /> in the Lease and other good and valuable consideration , the receipt and sufficiency of which is
<br /> hereby acknowledged , Landlord and Tenant hereby acknowledge and declare as follows :
<br /> 1 . Premises . 308 W. Franklin St . , Chapel Hill , North Carolina 27516 , a lot of approximately
<br /> 12 , 100 sq . ft . , a building of approximately 4 , 008 sq . ft . , parking , and entrances .
<br /> 2 . Term . The term of this Lease shall commence on the Effective Date , and unless sooner
<br /> terminated as provided in the Lease , shall expire on the tenth ( 10th ) anniversary of the Effective Date
<br /> at 2400 hours (the "Term " ) .
<br /> 3 . Rent . Tenant shall pay to Landlord as monthly rental for the Premises according to the
<br /> following schedule : Year one : April 1 , 2020 — March 31 , 2021 : $ 10 , 414 ; Year two : April 1 , 2021 —
<br /> March 31 , 2022 : $ 10 , 726 ; Year three : April 1 , 2022 — March 31 , 2023 : $ 11 , 148 ; Year four: April 1 ,
<br /> 2023 — March 31 , 2024 : $ 11 , 380 ; Year Five : April 1 , 2024 — March 31 , 2025 ; $ 11 , 721 , Year Six : April
<br /> 11 2025 — March 31 , 2026 : $ 12 , 073 ; Year Seven : April 1 , 2026 — March 31 , 2027 : $ 12 , 435 ; Year
<br /> eight : April 1 , 2027 — March 31 , 2028 : $ 12 , 808 : Year nine : April 1 , 2028 — March 31 , 2029 : $ 13 , 192 ;
<br /> Year ten : April 1 , 2029 — March 31 , 2030 : $ 13 , 588 . Yearly rent escalation of 3 % / year
<br /> 4 . Incorporation . All of the terms , covenants , and conditions contained in the Lease are
<br /> incorporated herein by reference .
<br /> IN WITNESS WHEREOF the Parties have caused this Memorandum to be duly executed as
<br /> of the effect ' e date .
<br /> TENAN O NGE C Ale
<br /> By : jt
<br /> STATE OF NORT ROLINA
<br /> COUNTY OF ORANGE
<br /> I , Dayj 14Ukl+ a Notary Public for Crc&nqe County , North Carolina , do hereby
<br /> certify that ellAw iq
<br /> is personally appeared efore me this day and acknowledged
<br /> the due execution of the foregoing instrument .
<br /> #1
<br /> WITNESS my hand and official seal , this the dayjrkail , 2020 .
<br /> SEAL .-. OFFICIAL SEAL N tary Public
<br /> Notary Public, North Carolina `
<br /> ORANGE COUNTY M Commission Expires :
<br /> DAVID HUNT
<br /> LA Y Commission ExP1I'8S
<br /> V�
<br /> rtials
<br /> 18
<br /> (308 W. Franklin St. ) andlor Tenant
<br />
|