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Cam 1 <br />R E A L E S T A T E <br />rm0,?V <br />COMMERCIAL LEASE AGREEMEN ash <br />?TI1?, L)$ El ade is ?E day of l''`Febraa7 p' 20 04 , by and between <br />p \ U > Efland Leasing Company ("Landlord") whose address is <br />P.O. Box 246, Efland NC 27243 and <br />County of Orange ("Tenant") whose address is <br />P.O. Box 8181, Hillsborough, NC 27278 ; <br />WITNESSETH: <br />PREMISES <br />1. Landlord, for and in consideration of the rents, covenants, agreements, and stipulations hereinafter mentioned, provided for <br />and covenanted to be paid, kept and performed by Tenant, leases and rents unto Tenant, and Tenant hereby leases and takes upon the <br />terms and conditions which hereinafter appear, the following described property (hereinafter called the "Premises"), to wit: <br />Address: 3501-A Forrest Avenue Efland NC 27243 <br />Legal Description: PIN 9844-97-6945 TM 3.37.A.6 <br />? See attached Exhibit (? p for legal description of prtepises, 31)4-4 <br />TERM APra <br />2. The Tenant shall have and hold ?F_UaFeh- remises fora term of five f years June, <br />beginning on the 1st day of , 20 04 , and ending on the day of FebroatY- <br />20 0 at midnight unless sooner terminated as hereinafter provided. The first Lease Year Anniversary shall be the date twelve (12) <br />calendar months after the first day of the first full month of the term hereof and successive Lease Year Anmversar shall be the <br />date twelve (12) calendar mon from the previous Lease Year Anniversary. 1? I <br />RENTAL ?3pG. 7 2y4G(o >< Z• 51 t (07? <br />3 Tenant agrees to pay Landlord or its Agent without de eductt or set off, an annual rental of $ o. <br />payable in equal monthly installments of $ in advance on the first day onth <br />during the term hereof. Upon execution of this Leas Tenant shat y to Landlord the first month's rent due hereunder. Rental for <br />any period during the term hereof which is less tha ne month shall be the pro-rated portion of the monthly rental due. On <br />each Lease Year Anniversary the annual rental payable hereunder (and accordingly the monthly installments) shall be adjusted: <br />? by any change in the Consumer Price Index, Urban Wage Earners and Clerical Workers, All Cities (CPI-W, 1982-1984=100) <br />("Index") by multiplying the then effective annual rental by the value of said Index for the month two months prior to the Lease <br />Year Anniversary and dividing the product by the value of said Index for the month two months prior to the previous Lease <br />Year Anniversary (in the instance of the fast Lease Year Anniversary the value of the Index for the month two months prior to the <br />first full month of the term hereof). In the event the Index ceases to be published, there shall be substituted for the Index the measure <br />published by the US Department of Labor which most nearly approximates the Index; <br />X as follows: <br />mp,. ry{4c(? jE {?fH? t5 ynd (ftv <br />" Page 1 of 8 <br />® North Carolina Association of REALTORS, Inc. <br />P LTO" <br />Tenant Initials <br />Landlord Initials <br />A, tax- bldW <br />STANDARD FORM 590-T <br />©7/2002 <br />misiamPmamdt,yFormu/arneFamssofta 000336-1027