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U 3 <br />Commercial Lease Agreement <br />This LEASE made and entered into this day of , 2014 by and <br />between Brian Bystry, Progressive Development Co., LLC (hereinafter "Landlord "), and County <br />of Lee, City of Sanford, and Sanford -Lee County Partnership for Prosperity (SLPP), (hereinafter <br />"Tenants "). <br />Tenants hereby offer to lease from the Landlord the Premises situated in the City of <br />Sanford, County of Lee, State of North Carolina, and described on Attachment A upon the <br />following TERMS and CONDITIONS: <br />Terms and Rent. Landlord agrees to rent to Tenants the above described premises <br />including common area, improvements and renovations. It is expected that settlement for <br />building financing will occur within 90 days after execution of this Agreement by the <br />Parties. All required building and tenant improvements will be completed within 10 <br />months thereafter, pending the receipt of all required building permits. Tenants shall not <br />be obligated to make any rent payments during the time in which renovations are being <br />made. <br />The term of this Lease shall be for 10 years, commencing on the date of occupancy. <br />Such date shall occur after completion of all building and tenant improvements and <br />receipt of a Certificate of Occupancy. It is anticipated that such date will be on or before <br />October 1, 2015, at which time Tenants shall begin making monthly rent payments as <br />shown on Attachment A to the Landlord, at the address specified below: <br />Progressive Development Company, LLC <br />143 Charlotte Ave. Suite 201 <br />Sanford, NC 27330 <br />Contact: Joni Martin <br />Phone: 919 - 718 -5454 ext. 213 <br />Fax: 919- 718 -5455 <br />(martin Progressivecci.com <br />2. Default. In the event Tenants shall fail to perform any of the promises, duties, or <br />obligations agreed to in this Lease Agreement and such failure shall continue for a period <br />of sixty (60) days after notice of such failure from Landlord to Tenants, then Landlord <br />shall, have the right to immediately terminate this Lease Agreement, as the sole remedy. <br />In the event Landlord shall fail to perform any of the promises, duties, or any of the <br />obligations agreed to in this Lease Agreement and such failure shall continue for a period <br />of sixty (60) days after notice of such failure from Tenants to Landlord, then Tenants <br />shall, have the right to immediately terminate this Lease Agreement, as the sole remedy. <br />3. Use. Tenants shall use the Premises solely for governmental or commercial use and will <br />not use or permit or suffer the use of the Premises for any other purpose. Tenants <br />represent that the Premises may lawfully be used for such purpose. Landlord agrees to <br />