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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 SO. FT. : 4008
<br /> 8. DELIVERY: April 1 , 2020
<br /> 9. LEASE EXECUTION DATE : January 24, 2020
<br /> 10 . LEASE COMMENCEMENT : April 1 , 2020
<br /> 11 . LEASE EXPIRES : March 31 , 2030
<br /> 12 . RENT COMMENCEMENT : June 1 , 2020
<br /> 13 . MONTHLY BASE RENT : Year one : April 1 , 2020 - March 31 , 2021 : $ 10,414; Year two : April 1 ,
<br /> 2021 - March 31 , 2022 : $ 10, 726; Year three : April 1 , 2022 - March 31 , 2023 : $ 11 , 148 ; Year four: April
<br /> 1 , 2023 - March 31 , 2024 : $ 11 , 380 ; Year Five : April 1 , 2024 - March 31 , 2025 ; $ 11 , 721 , Year Six:
<br /> April 1 , 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 /> 14. ANNUAL BASE RENT :
<br /> Year one : April 1 , 2020 - March 31 , 2021 : $ 104, 140
<br /> Year two : April 1 , 2021 - March 31 , 2022 : $ 128 , 712
<br /> Year three : April 1 , 2022 - March 31 , 2023 : $ 132, 576
<br /> Year four : April 1 , 2023 - March 31 , 2024 : $ 136, 560
<br /> Year five : April 1 , 2024 - March 31 , 2025 : $ 140, 652
<br /> Year six: April 1 , 2025 - March 31 , 2026 : $ 14076
<br /> Year seven: April 1 , 2026 - March 31 , 2027 : $ 149,220
<br /> Year eight : April 1 , 2027 - March 31 , 2028 : $ 153 , 696
<br /> Year nine : April 1 , 2028 - March 31 , 2029 : $ 158 , 304
<br /> Year ten : April 1 , 2029 - March 31 , 2030 : $ 163 , 056
<br /> 15. RENT ESCALATION: Three percent (3 %) increases at each Lease Anniversary date from Lease
<br /> Commencement Date April 1 , 2020 .
<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
<br /> entire Orange County Property Tax and Fee Bill for the Demised Premises directly to Orange County,
<br /> for each and every year of the Lease, except as noted below. Landlord will provide Tenant a copy of the
<br /> Orange County Property Tax and Fee Bill yearly, as soon as it is received by Landlord (typically in
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<br /> (308 W. Franklin St. ) ndlord Tenant
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