HomeMy WebLinkAbout2018-557 AMS - Tricor Hillsborough Commons lease amendment LEASE MODIFICATION
THIS MODIFICATION OF LEASE made and entered into this 20th day of September ,
20 18 by and between HILLSBOROUGH COMMONS,LLLP as(hereinafter"Landlord"and/or
"Seller"), and ORANGE COUNTY,NORTH CAROLINA, (hereinafter"Buyer"and/or"County"
and/or "Tenant";
WITNESSETH:
Recitals
Whereas Landlord and Tenant entered into that certain Lease Agreement dated July 25,
2008 and modified January 12, 2015, modified November 12, 2015 in connection with certain
premises situated and being in Orange County and the State of North Carolina being more
particularly described in said Lease Agreement; and
Whereas, Tenant has leased Unit 01 and Unit 03 containing 66,444 square feet which
agreement has an expiration date of January 21, 2019, subject to four (4) renewal option of five
(5) years each, with rent escalations at the beginning of each such renewal option; and
Whereas, Tenant's current Lease term will expire January 21, 2019; and
Whereas, Tenant and Landlord desire to amend the Lease Agreement to exercise the first
renewal option; and
Whereas, Tenant and Landlord have agreed upon the terms of the amendment and desire
to so modify the Lease.
Now, therefore, for and in consideration of the sum of$1.00 and other good and valuable
consideration each to the other paid the receipt and sufficiency of which consideration is hereby
acknowledged,the parties hereto hereby agree as follows:
Terms:
1. The recitals to this Modification are hereby incorporated into and made a part of this
Agreement.
2. Tenant hereby exercises the first of its renewal options.
3. The expiration date of the Lease shall be January 21, 2024.
4. The Base Rent for the Combined Space for the renewal option shall be as follows:
Renewal option one (1) January 22, 2019—January 21, 2024
Monthly: $71,705 Annual: $860,460
5. Tenant shall retain the three (3) remaining renewal options as below:
Renewal option two (2) January 22, 2024—January 21, 2029
Monthly: $77,740 Annual: $932,880
Renewal option three (3) January 22, 2029—January 21, 2034
Monthly: $84,385 Annual: $1,012,620
Renewal option four(4) January 22, 2034—January 21, 2039
Monthly: $91,694 Annual: $1,100,328
6. In all other respects said Lease Agreement shall remain in full force and effect unchanged
and shall not be altered in any way by this modification.
7. By executing this Lease Landlord certifies that Landlord and its officers and agents, to
the best of their knowledge and belief, have not been identified, and have not utilized the
services of any agent or subcontractor identified, on the lists created by the State
Treasurer pursuant to G.S. 147-86.58 and G.S. 147-86.81.
LEASE MODIFICATION-HILLSBOROUGH COMMONS
ORANGECOUNTY
1
8. This Modification may be signed and delivered by facsimile or email and may be signed
in counterparts, which together shall constitute one Modification.
IN WITNESS WHEREOF,the parties hereto have executed this Modification of Lease the
day and year first above written.
Signed, sealed and delivered HILLSBOROUGH COMMONS LLLP
in the presence of: BY: HILLSBOROUGH SHOPPING CENTER,
INC., GENERA ARTNER
By:_ DCP51
4;itnes Marc L. Hagle, CEO
,5-- i. ; ,,
Witness
ORANGE COUNTY, H CAROLINA
C
( (
Witness 1 _
C./ YLKY
Witness 2 Print Name
LEASE MODIFICATION-HILLSBOROUGH COMMONS
ORANGE COUNTY
2