HomeMy WebLinkAboutOTHER-2023-008 1st Lease modification agreement and exercise of option - Europa Center This 1st Lease Modification Agreement and Exercise of Option made and entered into as of
202 by and between EUROPA CENTER, LLC , herein represented by its duly authorized
agent, AVI ON YOUNG — NC, LLC , 100 Europa Dr. , Suite 190 , Chapel Hill , NC 27517 , hereinafter, " Landlord"
and ORANGE COUNTY, a NC political subdivision, hereinafter, "Tenant"
Whereas Tenant and Landlord entered into that certain Lease (the "Lease") dated March 1 st, 2020 for Suite 101 in
the Europa Center office building, and
Whereas Tenant wishes to extend its occupancy in the Leased Premises under the terms and conditions as stated in
the Lease, and
Whereas Tenant has provided Landlord with adequate notice in order to exercise its Option to Renew (the
"Option") as provided in Section 3 (b) of the Lease, and
Whereas Tenant acknowledges that the Option provides for the exercise of Two (2) One ( 1 ) year terms and desires
to exercise both One ( 1 ) year terms simultaneously, and
Therefore, the parties hereto do mutually agree and covenant as follows :
1 . The Tenant hereby exercises its Option for both One ( 1 ) year terms to expire February 28 , 2025 .
2 . The Base Rent due under the Lease shall be payable as shown in Section 4 (a) of the Lease and repeated as
follows :
Option Term" # of Months Start Date End Date SF PSF Rate $/Month Total $
1 12 .00 03/01 /23 02/29/24 10,615 $2295 $20,298 .77 $243 ,585 .24
1 12 .00 03/01 /24 02/28/25 10 *615 $23 .64 $201907 .73 $250 ,892 .80
3 . All other terms and conditions of said. Lease to the extent not expressly modified hereby shall remain
unchanged and in full force and effect.
IN WITNESS WHEREOF , Landlord and Tenant have duly executed this 1st Lease Modification Agreement and
Exercise of Option as of the day and year first above written .
Landlord :
EUROPA CENTER, LLC herein represented by its duly
authorized agent, AYISON YOUNG — NC , LLC , 100 Europa
Dr. , Suite 190 , Chapel Hill , NC 27517
Attest: }
t _
4
E y (SEAL)
hn P . Graham Principal
Tenant :
(GRANGE COUNTY, a NC political subdivision
Atte
aj
By (SEAL)
Bonnie B . Hammersley, County M ager
TYPE OF LEASE . ❑ New ❑ Extension ❑ Expansion X Option ❑ Change/Adj .
BUSINESS NAME : Orange County
TENANT . Orange County
CONTACT : Alan Dorman
Email : adorman@orangecauntync , gov
Phone: 9I 9 . 619 .8859
PROPERTY ADDRESS : The Europa Center - Suite 101 , 100 Europa Dr . , Chapel Hill , NC 27517
UROPA CENTER, LLC
LANDLORD : E
NOTICE ADDRESS ; AVISON YOUNG — NC , L.LC 100 Europa Dr Suite 190 , Chapel Hill, NC 27517
EXTENSION TERM : 24 Months RENTABLE So . FTG : l0 , 615
MODIFICATION SIGNED : , 2022 EFFECTIVE: Upon execution
RENT COMMENCES : See below SECURITY DEPOSIT : None
LEASE EXPIRES : February 28 , 2025 OPER. EXP. BASE YEAR: 2020
RENT ADJUSTMENTS : See below
Option Term` # of Months Start Date End Date SF PSF Rate $/Month Total $
1 12 .00 03/01 /23 02/29/24 10 ,615 $22 .95 $20 ,298 ,77 $2431585 .24
1 12 .00 03/01 /24 02/28/25 10,615 $23 .64 $ 201907 .73 $250 ,892 .80