Orange County NC Website
Browse       Search
(bb) The headings used in this Lease are for convenience only and shall not <br />have any bearing or meaning with respect to the content or context of this <br />instrument. ' <br />42. AMENDMENT AND LIMITATION OF WARRANTIES. <br />(a) IT IS EXPRESSLY AGREED BY COUNTY, AS A MATERIAL <br />CONSIDERATION FOR THE EXECUTION OF THIS LEASE, THAT THIS <br />LEASE, WITH THE SPECIFIC REFERENCES TO EXTRINSIC DOCUMENTS, IS <br />THE ENTIRE AGREEMENT OF THE PARTIES; THAT THERE ARE, AND <br />WERE, NO VERBAL REPRESENTATIONS, WARRANTIES, <br />UNDERSTANDINGS, STIPULATIONS, AGREEMENTS OR PROMISES <br />PERTAINING TO THE SUBJECT MATTER OF THIS LEASE OR OF ANY <br />EXPRESSLY MENTIONED EXTRINSIC DOCUMENTS THAT ARE NOT <br />INCORPORATED IN WRITING IN THIS LEASE OR IN SUCH DOCUMENTS. <br />SHOULD THERE HAVE BEEN ANY SUCH ORAL OR VERBAL <br />COMMUNICATION OF ANY TYPE OR SORT WHATSOEVER WHICH IS NOT <br />INCORPORATED IN WRITING IN THIS .LEASE, SAID IS HEREBY DEEMED <br />RESCINDED AND NULL AND VOID AND OF NO FURTHER FORCE IN <br />AFFECT AND COUNTY HEREBY SPECIFICALLY RELEASES AND HOLDS <br />LANDLORD HARMLESS FROM AND AGAINST ANY AND ALL SUCH VERBAL <br />COMMUNICATION. <br />(b) DELETED <br />43. OPTION TO PURCHASE <br />Landlord does hereby grant to County the option (the "Option") to purchase <br />that certain parcel of real estate upon which the building containing the <br />Leased Premises is located, and being all of Orange •County PIN Number <br />9864-80-7829, and TMBL # 4.40.A.1A, less an approximately one acre parcel <br />to be retained by Landlord, as more fully described by metes and bounds <br />description on Exhibit A attached hereto and incorporated ,herein by this <br />reference (the "Shopping Center") upon the terms and provisions set forth <br />herein. <br />1. O tio~n Period. The Option commences on the date of this Lease and <br />continues until the earlier of termination of this Lease or February 1, 2012. <br />Such period of time is hereinafter referred to as the "Option Period." <br />2. Exercise of Orption. At any time during, the Option Period, County <br />may exercise t~Option to purchase the Shopping Center by giving. written <br />notice to Landlord in accordance with the terms of this Lease stating that <br />County is exercising the Option by giving such notice. Such notice of exercise <br />shall be effective on the date notice is deemed to be given under the terms of <br />this Lease. <br />3. Failure to Exercise _O~tio~n. If County fails to exercise the Option <br />within the Option Peno , t is Agreement shall automatically terminate; the <br />parties shall have no further obligations or liabilities to one another hereunder; <br />and County shall have no right whatsoever to purchase the Shopping Center <br />or any portion thereof .or interest therein. Time is of -the essence with respect <br />to exercise of the Option and with respect to each and every term .of this <br />Lease regarding the Option and purchase and sale of the Shopping Center. <br />4. Purchase Price. The purchase price (the "Purchase Price") for the <br />Shopppln Centers al a Fifteen Million Four Hundred Eighty-Nine Thousand <br />and No/100 Dollars ($15,489,000.00)) payable at Closing, less a credit <br />calculated as follows: If, and only if, °Closing" as defined below) occurs on or <br />before the last day of the Option Period (i.e., ~ebruary 1, 2012), County shall <br />30 <br />County of Orange, in North Carolina -Hillsborough Commons 07/02/08 <br />Ir1ITlALS <br />RD <br />