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installments are to be paid in advance on the first day of each and every calendar month. Any payment
<br /> not received by the 10" of the month will incur an automatic late fee of six (6) percent.
<br /> (i) The term "lease year" as used in this lease, refers to the period from the Lease Commencement
<br /> Date to the same next succeeding date, both dates inclusive, to each successive twelve ( 12)
<br /> month period thereafter throughout the Lease Term.
<br /> (b) Time and Place of Payment: Tenant will make all payments, including rent, taxes , and damage
<br /> deposit by wire transfer to : ABA 053000196, wire 026009593 , Bank of America, For credit to :
<br /> Account: 237012680744, Bank of America, Incoming Wire Account, In favor of: Account
<br /> 237012680744 in favor of Charles J. Coates, 5001 Cole Mill Road, NC 27705 , or to such other person
<br /> or corporation and at such other place as shall be designated by Landlord in writing at least ten ( 10)
<br /> days prior to the next ensuing payment date .
<br /> SECURITY DEPOSIT
<br /> 7. Tenant shall provide the Landlord a security deposit equal to one ( 1 ) month ' s rent upon lease
<br /> execution. Landlord shall acknowledge receipt from Tenant of this sum of $ 10,414, which sum
<br /> Landlord shall retain as security for the performance by Tenant of each of its obligations under this
<br /> lease . It is mutually agreed Tenant shall receive no interest related to said security deposit. If Tenant
<br /> fails , at any time, to perform its obligations, landlord may, at its option, apply said deposit, or so much
<br /> thereof as is required, to cure tenant' s default; but if at any time prior to the termination of this lease
<br /> Landlord depletes the deposit, in whole or in part, Tenant shall immediately restore the amount so used
<br /> by Landlord. Unless Landlord uses the deposit to cure a default of Tenant, or to restore the leased
<br /> Demised Premises to the condition that Tenant is required to leave them at the conclusion of the term,
<br /> Landlord shall within thirty (30) days of the termination of the Lease refund so much of the deposit as it
<br /> continues to hold to Tenant.
<br /> UTILITIES
<br /> 8 . During the term of this Lease Agreement, the Tenant shall pay for all electricity, gas , heat, air
<br /> conditioning, water, sewer, janitor service, garbage disposal and other utilities or services required by it
<br /> in the use of the Demised Premises . Landlord shall have no liability for failure to provide such
<br /> electricity, gas, heat, air conditioning, water, sewer or other utilities or services .
<br /> TAXES
<br /> 9 . (a) As part of the Lease Agreement, Tenant shall pay the entire Orange County Property Tax and Fee
<br /> Bill for the Demised Premises directly to Orange County, for each and every year of the Lease .
<br /> Landlord will provide Tenant a copy of the Orange County Property Tax and Fee Bill yearly, as soon as
<br /> it is received by Landlord (typically in August) . Tenant shall provide written confirmation of receipt of
<br /> said Bill and written confirmation that said Bill has been paid before the Past Due Date (currently
<br /> January 61 yearly) .
<br /> (b) Additionally, Tenant shall pay when due all taxes and assessments of any kind or nature which may
<br /> hereafter be imposed upon the Demised Premises ; and the Tenant shall pay when due all taxes and
<br /> assessments of any kind or nature imposed or assessed upon fixtures , equipment, merchandise or other
<br /> property installed in or brought onto the Demised Premises by or for Tenant. In the event that any tax or
<br /> assessment other than Orange County Property Tax and Fee is ever levied against the Premises, the
<br /> payment of said additional tax assessments shall be the sole responsibility of the Tenant. The Tenant
<br /> shall pay the same within thirty (30) days following its receipt of the Landlord' s statement of the
<br /> amount due as additional tax or assessment (and before any fine, penalty, interest or costs may be added
<br /> thereto for the non-payment thereof) . Tenant shall pay any tax that may be levied, assessed or imposed
<br /> upon the rent reserved hereunder by any governmental authority acting under any present or future law.
<br /> REPAIRS AND MAINTENANCE :
<br /> 10 . (a) Landlord will keep the roof and the structural portions of the Demised Premises, excepting any
<br /> work done by Tenant and any glass of doors and windows, in proper repair, provided that in each case
<br /> Tenant shall have given Landlord prior written notice of the necessity of such repairs ; and provided
<br /> further that if any such repair is required by reason of Tenant' s negligence or the negligence of any of
<br /> its agents, employees or customers, or other persons using the Demised Premises with Tenant' s
<br /> consent, express or implied, Landlord may make such repair and add the cost thereof to the first
<br /> installment of rent which shall thereafter become due . Tenant is responsible for breakage and/or
<br /> damage to storefront glass and storefront doors . Except as otherwise provided in this Article, Tenant
<br /> will keep the Demised Premises, which includes, but is not limited to, all electrical, plumbing, kitchen
<br /> and other mechanical installations, all furniture, all doors, and all plate glass including door and
<br /> window glass in good order, accomplishing any and all repairs, alterations, replacements and
<br /> modifications at its own expense and using materials and labor of kind and quality equal to the original
<br /> work, and will surrender Demised Premises at the expiration or earlier termination of this Lease
<br /> Agreement in as good condition as existing on Lease Commencement day, excepting only deterioration
<br /> caused by ordinary wear and tear.
<br /> (b) If Tenant refuses or neglects to repair property as required hereunder and to the reasonable
<br /> satisfaction of Landlord as soon as reasonably possible after written demand, Landlord may, but is not
<br /> Initi
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<br /> (308 W. Franklin St. ) VL ndlord Tenant
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