2021-315 Arts Commission-Eno River Mill-Annual Rent

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A EXHIBIT H OPTION TO EXTEND LEASE i Provided that Tenant is not then subject to an Event of Default as defined in article 15 of the Lease (or with the passage of time or the giving of notice will ripen into a default) , Tenant gives Landlord at least 9 months ' but not more than 12 months ' prior written notice of Tenant ' s exercise of its option to extend hereunder (failure to give such notice being an absolute bar to any right on the part of Tenant to so j extend) , and Tenant has not assigned the Lease or sublet the Demised Premises or any portion thereof, Landlord hereby gives to Tenant one consecutive option right to extend this Lease Term for an additional term of five years . Upon such exercise, all the terms and conditions of this Lease shall remain and be in effect during the extension term save and except (1) the Expiration Date shall be accordingly adjusted to reflect such extension and (ii) the Minimum Rent to be paid by Tenant during such extension term shall be the greater of (A) the Minimum Rent would be payable as follows : i Annual Minimum Rent Monthly Installment Lease Year 6 r $ 811461 . 39 $ 6 , 788 . 45 Lease Year 7 j $ 83, 497 . 93 $ 6 , 958416 g F -_ - - . 132 . 11 Lease Year 8 $ 85, 585 . 37 $ 7_ , Lease Year 9 ' $87, 725 01 $ 7 , 310442 Lease Year 10 $ 89, 918 . 13 $ 7 , 493 . 18 c or (B ) an amount equal to the then market rate equivalent for comparable space in the Hillsborough, North Carolina area as determined by Landlord within 10 days of the date of Tenant ' s exercise of such extension option; provided, however, that if Tenant shall give Landlord written notice of its disagreement with such rate of Minimum Rent within 10 days of the delivery to Tenant of Landlord ' s aforesaid I determination of Minimum Rent for the extension term , then such Minimum Rent for the extension term shall be calculated by appraisal in accordance with the next paragraph of this exhibit . Each of Landlord and Tenant shall specify within 5 days after the delivery of Tenant ' s notice of [ disagreement a selection of a qualified appraiser by written notice to the other . Within 20 days after the i selection of the last appraiser, the 2 appraisers (one selected by Landlord and the other selected by Tenant) shall render a joint written determination of the Minimum Rent for the extension term . If the 2 appraisers are unable to agree upon a joint, written determination within the aforesaid 20 - day period, each appraiser shall then render his or her determination and shall jointly select a third appraiser within such 20- day period . Within 10 days after the appointment of the third appraiser, the third appraiser shall select one of the determinations of the 2 appraisers duly selected, or if neither of such appraisal represents that I illing to pay to Landlord in an arms- length negotiation, in the value which a third party would be w then the third appraiser shall select a value which represents a number opinion of the third appraiser, between the 2 appraisal values originally determined by the 2 original appraisers . All appraisers selected r pursuant to this Exhibit G shall be unaffiliated and disinterested appraisers or licensed real estate brokers E having at least five 5 years ' prior experience in making rent value appraisals for similar and comparable type property and usage in the Hillsborough , North Carolina, area . If either of the Landlord or the Tenant fails or refuses to select an appraiser, the other appraiser alone shall determine the Minimum Rent for the extension term in accordance with the terms hereof. Each party shall bear the fees and expenses of their c selected appraiser and, if necessary, to select a third appraiser, the parties hereto shall equally bear the fees and expenses of the third appraiser . The appraised Minimum Rent determined pursuant to this Exhibit G shall be binding upon the parties as a rental to apply for the extension term . Page 30 OCAC Lease