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MODIFICATION OF LEASE AGREEMENT
<br />(BUGGY BUILDING LEASE)
<br />This Modification of Lease Agreement (this "Agreement'), dated as of September 5,
<br />2017, by and among SANFORD BUGGY BUILDING LLC, a North Carolina limited liability
<br />company (the "Master Landlord"), SANFORD BUGGY MASTER TENANT LLC, a North
<br />Carolina limited liability company (the "Master Tenant"), the CITY OF SANFORD, a North
<br />Carolina municipal corporation (the "City"), the County of Lee, a body corporate and politic and
<br />one of the one hundred counties of the State of North Carolina (the "Coun"), and SANFORD-
<br />LEE COUNTY PARTNERSHIP FOR PROSPERITY, doing business as SANFORD AREA
<br />GROWTH ALLIANCE, a North Carolina nonprofit corporation ("SAGA").
<br />RECITALS
<br />WHEREAS, the City, the County and SAGA as Tenants entered into that certain
<br />Commercial Lease Agreement by and between Progressive Development Company, L.L.C., a
<br />North Carolina limited liability company ("Progressive") and Tenants dated September 10, 2014
<br />and which Lease is evidenced by a copy recorded in the official records of Lee County, North
<br />Carolina (the "Land Records") on September 19, 2014 in Book 1367, Page 0496 (the "Lease");
<br />and
<br />WHEREAS, the Master Landlord and the Master Tenant were established and organized
<br />in order to develop, build, and provide financing for the historic rehabilitation, adaptive reuse
<br />and development of the historic Sanford Buggy Factory (the "Project") located on certain meal
<br />property in Sanford, Lee County, North Carolina (the "Land"); and
<br />WHEREAS, Progressive obtained construction loan and equity financing commitments
<br />from Branch Banking and Trust Company, State Tax Credit Exchange, LLC and its affiliate
<br />STCE Buggy Factory, LLC, and First NBC Historic Tax Partners, L.L.C. in order to rehabilitate,
<br />develop and construct the Project; and
<br />WHEREAS, as part of the financing requirements for the Project, Progressive assigned
<br />and Master Landlord took assignment of Progressive's right, title, obligations and interest in the
<br />Lease pursuant to that certain Assignment, Assumption and Modification Agreement (Buggy
<br />Building Lease) dated June 12, 2015 (the "Assignment of Lease"), which Assignment of Lease is
<br />evidenced by that certain Memorandum of Assignment, Assumption and Modification
<br />Agreement recorded on June 12, 2015 in the Land Records in Book 1391, Page 71; and
<br />WHEREAS, the parties hereto now desire to amend Attachment A of the Lease to
<br />provide for additional square footage and rent requirements; and
<br />NOW THEREFORE, in consideration of the Lease, and the mutual covenants and
<br />agreements set forth herein and for other good and valuable consideration the receipt of which is
<br />hereby acknowledged, Master Landlord, Master Tenant, City, County and SAGA agree to amend
<br />the Lease as set forth below.
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