Agenda - 8-4-14 Reg. Meeting - Laserfiche WebLink

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Commercial Lease Agreement This LEASE made this day of , 2014 by and between Brian Bystry, Progressive Development Co., LLC ( "Landlord "), and Lee County and the City of Sanford ( "Tenant "). Tenant hereby offers to lease from the Landlord the Premises situated in the City of Sanford, County of Lee, State of North Carolina, as described as, 115 Chatham Street, Suites 101 (7,181 sf) and 201 (7,734sf), Sanford, NC 27330 upon th��ol[owing TERMS and CONDITIONS: Terms and Rent. It is expected that settlement for bfdi '� ' g p ancin will occur within 90 days after execution of this Agreement by the Part All rTed building and tenant improvements will be completed within 10 months after, p?g the receipt of all required building permits. Tenant shall not be oti at to maKe y rent payments during the time in which renovations are being made. i M/ The term of this Lease shall be for 10 years, comme on the date occupancy. Such date shall occur after completion of all bpi and tenant improvements and receipt of a Certificate of Occupancy. It is anticipa Ug hat such date will be on or before August 1, 2015, at which time Tenant shall begin m monthly rent payments at the rate listed below: ■ Year 1 $191,657.75 (One Hundred Ninety -One Thousand SixHundred Fifty- Seven,and Seventy-Five Cents) Annually ■ Year 2 $191,657.75 (One Hundred Ninety -One Thousand Six;Handreoffty -Seven and Seventy-Five Cents) Annually ■ Year3 $191,657.75 (One Hundred Ninety -One Thousand Six Hundred'Alf{ even and Seventy-Five Cents) Annually ■ Years 4 -10 will include base rent of $191,657.75 plus an annual increase used on the Consumer Price Index for Urban Wage Earners, Southern Region, - Average .ofAll Groups. Rent payments shall be made in equal monthly installments of $15,971.47 to the Landlord, at the address specified below: Progressive Development Company, LLC 143 Charlotte Ave. Suite 201 Sanford, NC 27330 Contact: Joni Martin Phone: 919 - 718 -5454 ext. 213 Fax: 919- 718 -5455 jmartin @progressivecci.com 2. Tenant's D61aidt J the event Tenant shall fail to perform any of the promises, duties, or obligations agreed "to in this Lease Agreement and such failure shall continue for a period of ten (10) days after notice of such failure from Landlord to Tenant, then Landlord shall, in addition to all other rights and remedies provided by law, have the right to immediately terminate this Lease Agreement. In the event Landlord terminates this Lease Agreement, he shall be entitled to collect any damages resulting from Tenant's default, including, but not limited to, any costs of rerenting the Premises, the difference, if any, between the reasonable rental value of the Premises and the rental provided for herein for the balance of the term, and a reasonable attorney's fee.