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Boor 23 PAA87
<br />COMMERCIAL LEASE
<br />This Commercial Lease is hereby made between Lee County ( "Lessor ") in North
<br />Carolina, and Nova Materials, LLC ( "Lessee "), concerning the following property further
<br />described below: 5825 Clyde Rhyne Drive, Sanford, NC 27330 ( "Property "). For good
<br />and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
<br />by the Lessor, Lessee hereby leases from Lessor the Premises as follows:
<br />1. Purpose The Lessor has set aside the Property to serve the public purpose of
<br />being used as an incubator for small business enterprises likely to establish
<br />permanent operation or expand in Lee County, thereby producing additional jobs
<br />and tax base.
<br />2. Description Premises is located at 5825 Clyde Rhyne Drive, Sanford, NC 27330.
<br />Lessee shall occupy approximately 3600 square feet of open as shown on the
<br />attached diagram ( "Premises "), with access to bay dock doors for large deliveries
<br />and shipments, and storage space for six to ten pallets. Premises shall lock and be
<br />secure.
<br />3. Term and Rent Lessor will lease the above Premises for an initial term of 24
<br />months, beginning on January 15, 2011 and ending on January 14, 2013, for the
<br />total compensation of $60,000 payable on the first of each calendar month as
<br />follows: months one through three, $500 per month; months four through six,
<br />$1,500 per month, months seven through twenty -four, $3,000 per month. This term
<br />is renewable with the agreement of the parties at that time. At or after the first year
<br />either party may opt out of the Lease at 6 -month intervals with three month's written
<br />notice.
<br />Before it can be used, the Premises must receive permits for the business, and be
<br />retrofitted as discussed with Lessor and authorized below. Following this, the initial
<br />month's rent is payable in advance on the first of the month. Each successive
<br />month's rent shall be paid the first of the month.
<br />All rental payments shall be made to Lessor, at the following address: Lee County
<br />Finance Department, Post Office Box 1968, Sanford, N.C. 27331 -1968.
<br />4. Use. Lessee shall use and occupy the Premises with its business, including but not
<br />limited to laboratory and scientific testing, thermal processing of materials and ore,
<br />receiving, processing, and shipping, designing, building, and assembling materials,
<br />with office and other support activities. Lessee may place sign as allowed by local
<br />ordinance for its business, deliveries, and pick -ups.
<br />5. Care and Maintenance of Premises Lessee shall maintain the Premises in good
<br />and safe condition, and shall surrender the same, at termination hereof, in as good
<br />condition as received, normal wear and tear for this business excepted.
<br />6. Retrofit Lessor authorizes but does not obligate Lessee to alter, improve or retrofit
<br />property as reasonably necessary for Lessee's business, as Lessee and Lessor
<br />have already discussed, including as described below.
<br />Premises must be retrofitted with proper electrical wiring for business and industrial
<br />use necessary to Lessee, which may benefit future incubator lessees. Specifically,
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