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Home My WebLink About2019-229 AMS - Hillsborough Commons lease amendment LEASE MODIFICATION THIS MODIFICATION OF LEASE made and entered into this [ � day of r to , 20 IZA by and between HILLSBOROUGH COMMONS , LLLP as (hereinafter "Lan lord" and/or eller") , 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 , modified January 12 , 2015 , modified November 12 , 2015 and modified September 20 , 2018 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 , 2024 , subject to three ( 3 ) renewal option of five (5 ) years each, with rent escalations at the beginning of each such renewal option ; and Whereas , Tenant ' s portion of the Shopping Center has been platted separately from the balance of the Shopping Center ; and Whereas , to properly allocate each separate parcel Landlord desires to amend the Lease Agreement to modify the Base Year Stop and Tenant ' s Proportionate Share to reflect Tenant ' s building exclusively ; and Whereas , Tenant and Landlord have agreed upon the terms of the Base Year Stop and Tenant ' s Proportionate Share 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 . As a result of the re -platting of the Shopping Center, each parcel shall stand on its own . Landlord will re - contract with the vendors so that expenses are charged for each parcel separately to maintain clarity of maintenance for each parcel . 3 . Section 1 . BASIC LEASE PROVISIONS , (21 ) County ' s Proportionate Share : 61 . 64 % shall be deleted in its entirety and shall be replaced with : Section L BASIC LEASE PROVISIONS , (21 ) County ' s Proportionate Share : 100 % . 4 . Section 1 . BASIC LEASE PROVISIONS , (22 ) Base Year Stop : $ 221 , 751 shall be deleted in its entirety and shall be replaced with : Section 1 . BASIC LEASE PROVISIONS , (22 ) Base Year Stop : $ 136 , 687 . 32 , 5 . 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 . 6 . This Modification may be signed and delivered by facsimile or email and may be signed in counterparts , which together shall constitute one Modification . [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY] LEASE MODIFICATION - HILLSBOROUGH COMMONS ORANGE COUNTY 1 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 . , GENERAL P RTNER Witness 1 Marc L . agle , CEO Witn s ORANG OUNTY, RTH CAROLINA j �vC:r4 Witness 1 Witness 2 Print Name LEASE MODIFICATION - HILLSBOROUGH COMMONS ORANGE COUNTY 2 i Exhibit F FORM OF TENANT ESTOPPEL Purchaser : [Boyd Watterson Acquisitions , LLC ] or its nominee Tenant : Orange County North Carolina Demised Premises : Building comprising approximately 66 , 444 square feet at 113 Mayo Street , Hillsborough, NC (the " Demised Premises " ) ; a portion of Hillsborough Commons Shopping Center . TENANT CERTIFIES TO PURCHASER, SOLELY AS OF THE DATE HEREOF , THAT . 1 . Tenant and Hillsborough Commons LLLP ( "Landlord") entered into a Lease for the lease of the Premises dated July 25 , 2008 (the " Original Lease " ) , as amended by the Lease Modification dated November 12 , 2015 and as amended by the Lease Modification dated Apr , k %n , sup ig( (the " Lease Modifications " and collectively the Original Lease , the I "Lease ") . 2 . Tenant is the sole tenant of the Demised Premises under the Lease . 3 . The current base rent is $ 71 , 705 per month . Tenant ' s proportionate share of the shopping center is 100 % . The base year stop for the landlord ' s share of annual Real Estate Taxes , Insurance and Operating Expenses (as defined in the Lease) is $ 136 , 687 . 32 per annum . 4 . The current Lease term expires on January 21 , 2024 ; following which Tenant has three ( 3 ) optional five ( 5 ) - year extensions . 5 . The Lease is in full force and effect and has not be assigned , modified , supplemented , altered or, amended in any respect except as set forth above and is the only lease or agreement between Tenant and Landlord affecting the Premises . Tenant is not entitled to receive any concession , reimbursement or benefit (rental or otherwise) or similar compensation in connection with renting the Premises other than _None If none , state "None . " 6 . The Lease is valid and in full force and effect and Tenant is not presently in default under the Lease and no event has occurred and no condition exists which, with the giving of notice or the passage of time or both, would constitute a default by Tenant under the Lease , except _None _. If none , state "None . " 7 . Tenant currently has no defense , set- off against the payment of rent or other amounts due from Tenant to Landlord under the Lease , or counterclaim against Landlord arising out of the Lease or in any way relating to the Lease . 8 . Landlord is not in default under the Lease and Landlord has not failed to perform or observe any term , covenant, or condition which (but for any applicable notice or grace period) would constitute a default under the Lease except it appears the roof is at the end of its useful life and as such shall be replaced within a reasonable time by the Landlord or its successor in interest . If none , state " None . " 9 . Tenant has received any and all amounts due and owing by Landlord pursuant to the $ 600 , 000 Completion Allowance Rider (Exhibit E to the Lease) . No other reimbursement agreement exists between the parties for work undertaken by the County on the Premises and no Tenant Improvement costs are due and owing from Landlord , except _None _ . If none , state " None . " 10 . Tenant was given the opportunity to purchase the parcel of land that includes the Demised Premises pursuant to paragraph 23 of the Lease Modification and declined to purchase the property . 11 . No Rent has been paid more than one ( 1 ) month in advance except _None . If none , state " None . " 12 . No security deposit or credit in lieu of deposit has been granted the County or is held by Landlord . 13 . Tenant has not sublet the Premises or any portion thereof. 14 . Tenant is in exclusive possession of the Premises and has accepted the Premises and any improvements thereon or therein, the Premises are in full compliance with the terms of the Lease and there are no outstanding repairs to be completed by Landlord, except it appears the roof is at the end of its useful life and as such shall be replaced within a reasonable time by the Landlord or its successor in interest . . This Tenant Estoppel Certificate is certified by Tenant ' s authorized representative with the knowledge that it will be relied upon by Landlord and Landlord ' s prospective purchaser and their respective successors and assigns . DATED this G day of 2019 . TENA O anl e County North Carolina By : Nam , Title 1 270 West New England Avenue Winter Park, Florida 32789 Toll Free 1 -8664TR/COR TENANT NOTIFICATION LETTER Phone (407) 629-2040 FAX (407) 629-5030 DATE : May 3 , 2019 TO : Alan Dorman Interim Director , Asset Management Services - Orange County , North Carolina 131 W . Margaret Lane #300 Hillsborough , NC 27278 RE : Lease entered into between HILLSBOROUGH COMMONS LLLP and ORANGE COUNTY , NORTH CAROLINA , dated , July 25 , 2008 for 113 Mayo Street , Hillsborough , NC ( the " Property" ) - Notification Regarding Change of Ownership This letter is to notify you that the Property has been sold by the owner thereof, HILLSBOROUGH COMMONS LLLP , a North Carolina limited liability limited partnership ; ( " Seller" ) to HILLSBOROUGH NC I SGF , LLC , a Delaware limited liability company ( "Purchaser" ) . As of the date hereof, your Lease has been assigned by Seller to Purchaser . From the date of this letter , any and all rent , or any other amounts due under the terms of your Lease , as well as all notices and requests , shall be directed to the new Landlord . Commencing with June Rent , rental payments will be sent to : HILLSBOROUGH NC I SGF , LLC c/o Boyd Watterson Asset Management LLC One North Wacker Drive , Suite 4025 Chicago , IL 60606 Any and all payments of rent ( or other sums due under your Lease ) hereafter paid to any party other than Purchaser shall not relieve you of the obligation of making said payments to Purchaser . SELLER . HILLSBOROUGH COMMONS LLLP , a North Carolina limited liability limited partnership By : HILLSBOROUGH SHOPPING CENTER , INC . , its General Partner /i - By : Marc L . Tagle , 6EO