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5996614.1
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<br />THIS MODIFICATION OF LEASE (this “Amendment”) is entered into as of the _20th_
<br />day of _November_, 2023_ (the “Effective Date”) by and between HILLSBOROUGH NC I
<br />SGF, LLC, a Delaware limited liability company (“Landlord”), and ORANGE COUNTY,
<br />NORTH CAROLINA (“Tenant”).
<br />
<br />WITNESSETH:
<br />
<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 />
<br />WHEREAS, Tenant has exercised its first option to extend the Lease Term for the renewal
<br />period commencing on January 22, 2019 and expiring on January 21, 2024.
<br />
<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 />
<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 />
<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.
<br />LEASE MODIFICATION
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<br />DocuSign Envelope ID: E4C09404-D67B-42DB-BA5E-BAF2ECADADFA
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