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503
<br /> Attachment 1
<br /> LEASE MODIFICATION
<br /> THIS MODIFICATION OF LEASE this "Amendment" is entered into as of the rda
<br /> ( ) - y
<br /> of0S 025 (the "Effective Date") by and between HILLSBOROUGH NC I SGF , LLC , a
<br /> Delaware limited liability company ("Landlord") , and ORANGE COUNTY, NORTH
<br /> CAROLINA (" Tenant") .
<br /> WITNESSETH .
<br /> WHEREAS , Landlord, as successor in interest to Hillsborough Commons , LLLP , and
<br /> Tenant entered into that certain Lease Agreement dated July 25 , 2008 , as amended by that certain
<br /> Lease Modification dated January 12 , 2015 , and that certain Lease Modification dated November
<br /> 12 , 2015 , and that certain Lease Modification dated September 20 , 2018 (collectively , the
<br /> "Lease ") , pursuant to which Landlord leases to Tenant certain premises consisting of 66 , 444
<br /> rentable square feet, identified as Unit Nos . 01 and 03 (the "Premises ") , in the shopping center (the
<br /> " Shopping Center") known as Hillsborough Commons , situated in Hillsborough, North Carolina,
<br /> City of Richmond, Virginia (the "Property") , as more fully described and depicted in the Lease .
<br /> WHEREAS , Tenant has exercised its first option to extend the Lease Term for the renewal
<br /> January 22 , 2019 and expiring on January 21 , 2024 .
<br /> period commencing on
<br /> WHEREAS , Landlord and Tenant desire to memorialize Tenant ' s exercise of Tenant ' s
<br /> second option to extend the Lease Term for the renewal period commencing on January 22 , 2024
<br /> and expiring on January 21 , 2029 , subject to the terms and conditions set forth herein .
<br /> NOW, THEREFORE , in consideration of the aforesaid premises and the other
<br /> agreements and covenants hereafter set forth and for other good and valuable consideration, the
<br /> receipt of which is hereby acknowledged, the parties do hereby agree as follows :
<br /> i
<br /> 1 . Incorporation of Recitals . The above recitals are hereby incorporated into this
<br /> Amendment as if fully set forth herein . As used herein the term "Lease " shall mean the Lease as
<br /> amended by this Amendment .
<br /> 2 . Definitions . All capitalized terms used in this Amendment shall have the meanings
<br /> assigned to them in the Lease unless otherwise specified herein .
<br /> 3 . Exercise of Renewal Option . This Amendment shall serve as Tenant ' s exercise of
<br /> its second option to extend the Lease Term for the renewal period commencing on January 22 ,
<br /> 2024 and expiring on January 21 , 2029 . Base Rent for the Premises during such period shall be
<br /> $ 932 , 880 . 00 per year ($ 77 , 740 . 00 per month) . Landlord and Tenant acknowledge that Tenant has
<br /> two (2) additional renewal options of five (5 ) years each remaining .
<br /> 4 . No Default . Each of Landlord and Tenant hereby affirm to each other that to best
<br /> of its knowledge without inquiry as of the Effective Date , no breach, default, event of default, or
<br /> other act, error, or omission which, with the giving of notice or passage of time or both would
<br /> constitute a breach, default, or event of default by such party has occurred and is continuing under
<br /> the Lease beyond any applicable notice or cure period .
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<br /> 5996614 . 1
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