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EUROPA CENTER OFFICE LEASE
<br /> This lease ( the " Lease " ) is made as of March 1st , 2020 by and between Europa Center , LLC ( collectively ,
<br /> " Landlord " ) and Orange County , a North Carolina political subdivision ( " Tenant" ) . Both parties acknowledge
<br /> that Avison Young - NC , LLC , a North Carolina Limited Liability Company , is the authorized agent of Landlord ,
<br /> with full power and authority to execute this Lease on behalf of Landlord and to bind the Landlord to its terms .
<br /> In consideration of the reciprocal obligations stated herein , Landlord and Tenant agree as follows :
<br /> 1 . DEFINITIONS . When used in this Lease , the terms listed below shall have the meanings stated in
<br /> this Section 1 .
<br /> ( a ) " Building " : the five - story office building in which the Rented Space is located .
<br /> ( b ) " Commencement Date " : the actual date on which the term of this Lease commences , as
<br /> provided in Section 3 below .
<br /> ( c ) " Common Areas " : Any existing or future equipment , improvements , areas or spaces intended
<br /> for the joint use of Landlord , Tenant and other tenants , occupants or users of the Europa Center . Common
<br /> Areas include but are not limited to sidewalks , driveways , stairways , halls , lobbies , elevators , passages and
<br /> parking facilities .
<br /> ( d ) " CPI " shall mean the Consumer Price Index - U . S . City Averages for Urban Wage Earners and
<br /> Clerical Workers - All Items ( base year 1982 -84 = 100 ) , published by the United States Bureau of Labor
<br /> Statistics .
<br /> ( e ) " Europa Center" : that tract of land located in Chapel Hill Township , Orange County , North
<br /> Carolina , described in Exhibit A attached hereto and incorporated herein , and all improvements situated
<br /> thereon .
<br /> (f) " Lease Year" : each twelve ( 12 ) month period of the Term beginning with March 1st and
<br /> ending on February 28th . The first Lease Year shall begin on March 1 , 2020 and shall end February 28 ,
<br /> 2021 .
<br /> ( g ) " Leased Premises " : the Rented Space , together with the nonexclusive right to use the
<br /> Common Areas as provided in Sections 23 and 24 of this Lease .
<br /> ( h ) " Rentable Square Feet" : the useable square feet of any area multiplied by a core factor of
<br /> 1 . 15 .
<br /> ( i ) " Rented Space " : that office space area shown as the cross - hatched area on Exhibit B
<br /> attached hereto and incorporated herein , which is designated Suite 101 of the Europa Center and which
<br /> consists of approximately 10 , 615 Rentable Square Feet .
<br /> (j ) " Term " : the term of this Lease as specified in subsection ( a ) of Section 3 below .
<br /> 2 . DEMISE . Subject to the terms and conditions stated in this Lease , Landlord hereby leases the
<br /> Leased Premises to Tenant , and Tenant hereby leases the Leased Premises from Landlord .
<br /> 3 . TERM AND OPTION TO RENEW .
<br /> ( a ) Term . The term of this Lease shall commence on the earlier of: ( 1 ) the date that Tenant takes
<br /> possession of any part of the Rented Space , or ( 2 ) March 1 , 2020 . The term shall terminate at 11 : 59 P . M . on
<br /> February 28 , 2023 , if not sooner terminated by Landlord pursuant to the terms of this Lease .
<br /> ( b ) Option to Renew . Provided the Tenant is not in default of any terms of this Lease , at the end
<br /> of the Initial Term , this Lease may be extended for Two ( 2 ) terms of One ( 1 ) year each , commencing at the
<br /> expiration of the initial ( or then current ) term with Ninety ( 90 ) days prior written notice . See Rent Summary for
<br /> scheduled rent increases for each Option to Renew .
<br /> ( c ) No Reinstatement . No receipt of money by Landlord from Tenant or any other party after the
<br /> termination of this Lease shall reinstate , continue or extend the Term or affect any notice of termination
<br /> served on Tenant by Landlord .
<br /> 4 . RENT .
<br /> ( a ) Initial Annual Base Rent . For the First Lease Year , Tenant shall pay to Landlord annual base rent in
<br /> the amount of $ 222 , 915 . 00 , payable in equal monthly installments of $ 18 , 576 . 25 each , commencing March1 ,
<br /> 2020 , and according to the following schedule :
<br /> Page 4 - THE EUROPA CENTER Lease
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