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REAL E S T A T E COMMERCIAL LEASE AGREEMENTA~ ^. ^'^ TES, L.>~E~ade is ~ ~2 ~ day of '~'`~Febt'oaTy ___, 20 04 , by and between \''S ~~~,,~~~,,,((((((~~~~~~ EflandLeasin Com an ("Landlord") whose address is P.O. Box 246, Efland, NC 27243 and CounfV of Orange ("Tenant") whose address is P.O. Box 8181. Hillsborough, NC 27278 ; WITNESSETH: PREMISES 1, Landlord, for and in consideration of the rents, covenants, agreements, and stipulations hereinafter mentioned, provided for and covenanted to be paid, kept and performed by Tenant, leases and rents unto Tenant, and Tenant hereby leases and takes upon the terms and conditions which hereinafter appear, the following described property (hereinafter called the "Premises"), to wit: Address: 3501-A Forrest Avenue Efland NC 27243 Legal Description: PIN 9844-97-6945 TM 3.37.A.6 ^ See attached Exhibit for legal description of prley~njses: ~~`~ APrt~: - ~. TERM 2. The Tenant shall have and hold th Premises for a term uF five ( Vears Jf-thy' beginning on the 1st day of _A4arsh--- , 20 04 ,and ending on the day of -F~efrrrrai•y- 20 09 , at midnight, unless sooner terminated as hereinafter provided. The fast Lease Yeaz Anniversary shall be the date twelve (12) calendar months after the fast day of the fu•st full month of the term hereof and successive Lease Yeaz Anniversar shall be the date twelve (12) calendaz mon~ from the previous Lease Year Anniversary. RENTAL ~ `J ~ ~30~. '1 ZZ9fofo X Z'y~~ 5"1 ~~7~ 3. Tenant agrees to pay Landlord or its Agent without de educu or set off, an annual rents! of $ a... payable in equal monthly installments of $ in advance on the first day ~ onth during the term hereof: Upon execution of this Leas Tenant shat y to Landlord the first month's rent due hereunder. Rental for any period during the term hereof which is less th ne month shall be the pro-rated portion of the monthly rental due. On each Lease Yeaz Anniversary the annual rental payable hereunder (and accordingly the monthly installments) shall be adjusted: ^ by any change in the Consumer Price Index, Urban Wage Earners and Clerical Workers, All Cities (CPI-W, 1982-1984=100) ("Index") by multiplying the then effective annual rental by the value of said Index for the month two months prior to the Lease Year Anniversary and dividing the product by the value of said Index for the month two months prior to the previous Lease Yeaz Anniversary (in the instance of the first Leaso Year Anniversary the value of the Index for the month two months prior to the 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 published by the US Department of Labor which most neazly approximates the Index; ~ as follows: .~ ~ ~ ~~~',~ ~.~ I~et~ is Y~g~ lfW Mme. bld.~ . Page 1 of 8 ® North Carolina Association o[REALTORS®, Inc. naa~roA• Tenant Initials Landlord Initials STANDARD FORM 590-T © 7/2002 nusiwmpaduceatr~Fnrmu/atar'Fam+somva,a eoo•aas•tazr