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<br />REAL E S T A T E <br />COMMERCIAL LEASE AGREEMENT <br />T"HIS LEASE, made this _ day of _ , 20 04 , by and between <br />_, _, JCBH Properties, LLC _ ("Landlord") whose address is <br />_. 510 Cornerstone Court, Hillsborough, fJC 27278 and <br />_.Couniy of Orange ("Tenant") whose address is <br />P.O. Box 8181 Hillsborough, NC 27278 _; <br />WITNESSETti: <br />PREMISES <br />1. Landlard, 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 ]eases and takes upon the <br />terms and conditions which hereinafter appear, the following described property (hereinafter called the "Premises"), to wit: <br />Address: <br />Legal Description. <br />oufs/de storage <br />P!N 9874-40-4766 DB 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) years` _ <br />beginning on the 1st day of JuIV'" , 20 , 04. ,and ending on the 30th day of June <br />20 07 , at midnight, unless sooner terminated as hereinafter provided. The first Lease Year Anniversary shall be the date twelve (t2) <br />calendar months after the first day of the 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-]984=I00) <br />("Index") by multiplying the then effective annual rental by the value of said Index Cor 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 hvo months prior to the <br />first full month of the term hereof). ]n [he event the Index ceases to be published, there shalt be substituted for the Index the measure <br />published by the US Depaztment of Labor which most nearly approximates the Index; <br />~ as follows: <br />'Tenant shalt have the right to renew the lease for three addlUonat years with 90 days advanced wrftten_ _____ <br />notice at an annual race of $35,000 or $2,916.67/mo. "Landlord w!I/ allow Tenant to occupy the building _ <br />as soon as ft is aval/ab/e to June (af Tenant's op0on) based on a dally rent of $80.00 per day. <br />Page I of 8 <br />® North Carolina Associatlon of REALTORS®, Inc <br />neairom <br />Tenant Initials <br />Landlord Initials <br />STANDARD FORM 590-T <br />~~.~~, <br />© 7/2002 <br />rre,t~aomkodarFormu/ator"v«mesdnw~o BOa33Si0I7 <br />