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AG 2007 08 20
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AG 2007 08 20
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Last modified
2/1/2009 12:18:15 PM
Creation date
11/27/2017 11:31:30 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/20/2007
Board
Board of Commissioners
Meeting Type
Regular
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SUBLEASE AGREEMENT <br />Re: Office Space, 1307 S. Cannon Blvd. <br />Kannapolis, Cabarrus County, NC <br />This Sublease Agreement (the "Sublease") is made as of July 1, 2007, by and between <br />CABARRUS COUNTY, a political subdivision of the state of North Carolina <br />("Sublessor"), with its principal place of business at 65 Church Street, SE, Concord, NC <br />28025, and Cabarrus Health Alliance, ("Subtenant"), whose principal address is 1307 <br />S. Carman Blvd, Kannapolis, NC 28083. <br />1.Relationship of Parties. Sublessor leases from Kannapolis Land, Inc. ("Prime <br />Lessor") certain property located at 1307 South Cannon Boulevard, Kannapolis, North <br />Carolina, a portion of which the Subtenant wishes to sublease from Sublessor in <br />accordance with the terms and conditions of this Sublease. <br />2 . Descriation of Leased Premises. Sublessor hereby subleases to Subtenant, "as is", <br />approximately 33,889 square feet of existing office space (the "Premises"). The Premises <br />are more clearly set forth in Exhibit A, attached hereto and incorporated herein. The <br />Premises are within the building (the "Building") on the real property as more fully <br />illustrated and the legal description of which is included in Exhibit A. (The Premises, <br />the Building and the real property on which they are located may from time to time be <br />collectively or singularly referred to herein as the "Land"). The Premises contain the <br />fixtures, improvements and other real or personal property now installed on the Premises <br />plus any future permitted modifications, alterations and improvements thereto. <br />3. Lease Term. The initial term of this Sublease shall begin on July 1, 2007 and shall <br />continue through June 30, 2008 (the "Initial Term"), unless sooner terminated pursuant to <br />the terms hereof. Provided Subtenant is not in default hereunder, Subtenant shall have <br />the option to extend the Initial Term of this Lease for one consecutive renewal term of <br />one (1) year, beginning July 1, 2008 through June 30, 2009 ("First Renewal Term") and <br />one additional consecutive renewal term of one{1) year, beginning July 1, 2009 through <br />June 30, 2010 ("Second Renewal Term") on the same terms and conditions as set forth <br />herein, provided Subtenant notifies Sublessor in writing of its intent to enter into the <br />respective renewal term(s) at least one hundred and twenty (120) days prior to_the_end nL <br />the then current sublease term. In the event of holding over by Subtenant without <br />Sublessor's written consent, Subtenant shall pay Rent equal to twice the applicable Rent <br />and Additional Rent plus other sums due from time to time hereunder. Possession by <br />Subtenant after the expiration of this Sublease shall not be construed to extend the last <br />term hereunder. <br />4. Basic Rent. Subtenant agrees to pay to Sublessor basic rent ("Rent") for the use of the <br />Premises during the Initial Term in the aggregate amount of Two Hundred Five <br />Thousand Twenty-Eight Dollars and Fifty-Eight/One Hundredths Cents ($205,028.58). <br />Provided that Subtenant is not in default hereunder, Subtenant shall be permitted to pay <br />the Rent for the Initial Term in twelve (12) equal monthly installments of $17,085.72 <br />each, such payments due and payable in advance on the first day of each month <br />beginning July 1, 2007. F_) <br />
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