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B K: 00026 PG-0934 <br />Commercial Lease Agreement <br />This LEASE made and entered into this day of ' 2014 by and <br />between Progressive Development Co., LLC, (a North Carolina Limited Liability Company) <br />(hereinafter "Landlord "), and County of Lee, (a body corporate and politic and one of the hundred <br />counties of the State of North Carolina), City of Sanford, (a North Carolina municipal corporation) <br />and Sanford -Lee County Partnership for Prosperity (SLPP),(a North Carolina non - profit <br />corporation) (hereinafter "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 />1. 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 Parties. <br />All required building and tenant improvements will be completed within 10 months <br />thereafter, pending the receipt of all required building permits. Tenants shall not be <br />obligated to make any rent payments during the time in which renovations are being made. <br />The term of this Lease shall be for 10 years, commencing on the date of occupancy. Such <br />date shall occur after completion of all building and tenant improvements and receipt of a <br />Certificate of Occupancy. It is anticipated that such date will be on or before October 1, <br />2015, at which time Tenants shall begin making monthly rent payments as shown on <br />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 />imartin(cD-progressivecci.com <br />2. Default. In the event Tenants shall fail to perform any of the promises, duties, or obligations <br />agreed to in this Lease Agreement and such failure shall continue for a period of sixty (60) <br />days after notice of such failure from Landlord to Tenants, then Landlord shall, have the <br />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 shall, <br />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 represent <br />