Orange County NC Website
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 />