2020-091 County Mgr - Eno River Mill LLC artist space lease

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(1) Permitted Use : The Tenant shall use the Demised Premises for general office or artist studio, art gallery, and arts classroom purposes only . (j ) Rent Commencement Date : The date on which possession of the Demised Premises is available to Tenant which date shall be the earlier of (i) March 15 , 2020 (the "Projected Rent Commencement Date"), or (ii) the date upon which the Tenant shall first occupy any part of the Demised Premises for any purpose other than preparing the same for the conduct of business . (k) Effective Date : T4,bk( tAa,y t& , 10, the date of this Lease . (1) Expiration Date : The date which is the last day of the calendar month in which the fifth ( 5th) anniversary date of the Rent Commencement Date occurs, provided, however, if the Rent Commencement Date is on the first day of any calendar month, then the Expiration Date is on the day immediately before the fifth ( 5th) anniversary date of the Rental Commencement Date . Assuming the Rent Commencement Date is March 15 , 2020 , the Expiration Date is March 31 , 2025 . (m) Minimum Rent : The Minimum Rent payable during the Term of the Lease , commencing on the Rent Commencement Date, is the sum of $ 32 , 400 , payable in equal, monthly installments as follows : Annual Minimum Rent Monthly Installment Lease Year 1 $ 32 , 400 . 00 $2 , 700 . 00 Lease Year 2 $ 33 , 210 . 00 $2 , 767 . 50 Lease Year 3 $ 34 , 040 . 25 $2 , 836 . 69 Lease Year 4 $ 34 , 891 . 26 $2 , 907 . 61 Lease Year 5 $ 35 , 763 . 54 $2 , 980 . 29 (n) Rent : Minimum Rent, Additional Rent, and any and all additional sums of money payable by Tenant to Landlord under the terms of this Lease . (o) Lease Year : Lease Year 1 is the period commencing on the Rent Commencement Date and ending on the date immediately preceding the one year anniversary thereof, provided however, if the Rent Commencement Date occurs on a date other than the first day of a calendar month, then Lease Year 1 shall be the period beginning on the Rent Commencement Date and ending on the last day of the calendar month in which the first anniversary of the Rent Commencement Date occurs . Each Lease Year thereafter shall be a successive twelve calendar month period . (p) Additional Rent : All sums of money whatsoever other than Minimum Rent due and payable by Tenant to Landlord under this Lease, including without limitation, the Operating Expense Differential provided for in Exhibit D hereof. (q) Security Deposit : The sum of $2, 700 . 00 to be held and used in accordance with article 19 hereof. (r) Omitted . ( s) Omitted . (t) Omitted OCAC Lease Page 2