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LEASE <br />THIS LEASE, entered into at this 2~ day of ~w~../ 2008, <br />("Effective Date") by and between HILLSBOROUGH OMMONS LIMITED <br />PARTNERSHIP, a North Carolina limited partnership ("Landlord") and Orange <br />County, North Carolina ("County"). <br />WITNESSETH: <br />IN CONSIDERATION of the mutual covenants hereinafter contained, and each act <br />performed hereunder by either of the parties, Landlord and County agree as follows: <br />BASIC LEASE PROVISIONS <br />Section 1 is an integral part of this Lease and all of the terms hereof are <br />incorporated into this Lease in all respects. The Section references contained <br />herein are for convenience only and shall not be considered as a limitation on the <br />interpretation of the Lease, unless such reference specifically contains a clause <br />providing for such reference to be a limitation. In addition to the other provisions <br />which are elsewhere defined in this Lease, the following, whenever used in this <br />Lease shall have the meanings set forth in this Section 1: <br />(1) Shopping Center: Hillsborough Commons, situated in the Town of <br />Hillsborough, State of North Carolina (Section 2). <br />(2) Premises: Unit No. 01 containing approximately 56.328 square feet of <br />gross floor area (Section 2). <br />(3) County's Trade Name: Government of Orange County. <br />(4) Permitted Use: Permitted Use: Various Governmental Services ~to be <br />determined by the County. No prisonerdetenfion or other similar <br />services which will ~be detrimental to the Shopdina Center will be <br />permitted. <br />(Section 13). <br />(5) Lease Term: 10 years and 3 months (Section 3). <br />(6) Rent Commencement Date: 90 days following the execution of this Lease by <br />both. parties. (Section 3 & 4). <br />(7) Expiration Date: 123 months following Delivery of Possession. <br />(8) Minimum Rent during Lease Term: (Section 4). <br /> $0 er month Month 1- 3 <br /> $59,363 er month Month 4- 63 <br /> $63,858 er month Month 64-123 <br />O tion Periods -- $60 788 er month Month 124-183 <br /> $65 904 er month Month 184-243 <br /> $77 537 er month Month 244-303 <br /> $77,733 er month Month 304-363 <br />1 <br />County of Orange, in North Carolina -Hillsborough Commons 07/02/08 <br />INTTIALS <br />. LAND= <br />- _ . <br />