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<br />REAL E S T A T E <br />THIS 1 EASE, made this <br />_ day of Aprlt _ , 20 04 , by and between <br />. JCBN Properties, LLC _ ("Landlord") whose address is <br />510 Cornerstone Court, Nillsborough, NC 27278 and <br />County of Orange ("Tenant")whose address is <br />___ _. <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: 503_Cornerstone Court, Hillsborough, NC 27278 .. __ __ <br />Legal Description: Approximately 4000 SF of space located to a commercial building and rear <br />-- <br />outside storage at Cornerstone Court In Htllsborouglr,_NC, P/N 9874-40-4766 D8 3046/258 <br />See attached Exhibit A for legal description of premises. <br />TERM <br />2. The Tenant shall have and hold the Premises for a term of _ ,. three (3) veers' <br />beginning on the 1st day of JuIV""' , 20. 04 ,and ending on the 302h day of June <br />20 07 , at midnight, unless sooner terminated as hereinater provided.. The first Lease Year Anniversary shat] be the date twelve (12) <br />calendar months after the first day ofthe first full month of the term hereof and successive Lease Year Anniversaries shall be the <br />date twelve (12) calendar months from the previous Lease Yeaz Anniversary. <br />RENTAL <br />3. Tenant agrees to pay Landlord or its Agent without demand, deduction or set off, an annual rental of $ 32,640.00 <br />payable in equal monthly installments of $ 2,720.00 in advance on the first day of each calendar month <br />during the term hereof. Llpon execution of this Lease, Tenant shall pay to Landlord the first month's rent due hereunder. Rental for <br />any period during the term hereof which is less than one 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) shalt be adjusted: <br />L 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 first Lease Year Anniversary the value of the Index for the month rivo 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 Depaztment of Labor which most nearly approximates the Index; <br />r as follows: <br />'Tenant shalt have the right fo renew the lease for three addltlonaf years with 90 <br />tice at an annual rate of $35,000 or <br />as soon as It Is available In June (at Tenant's opdon} based on a daily rent <br />Page I of 8 <br />® North Carolina Association of REALTORS®, Inc, <br />~a~ran• <br />Tenant Initials <br />Landlord Initials <br />COMMERCIAL LEASE AGREEMENT <br />STANDARD EORM 590-T <br />~'o µ~:" <br />© 7/2002 <br />Tivs loan paducea6y FOr/IIU/`7tO1'Fams Sdtwam A0a-37&1027 <br />