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0 <br />COMMERCIAL LEASE <br />THIS LEASE AGREEMENT is made as of this 1 st day of August, 2005, by and <br />between the CITY OF CHARLOTTESVILLE, VIRGINIA and the COUNTY OF <br />ALBEMARLE, VIRGINIA, both political subdivisions of the Commonwealth of <br />Virginia (hereinafter "Lessors"), and SILVERCREST ASSET MANAGEMENT <br />GROUP, LLC (hereinafter "Lessee"). <br />WITNESSETH: <br />WHEREAS, the Lessors are the owners of the Premises described herein, and <br />represents that they have clear and unencumbered title to said Premises and are able to <br />lease the same and deliver possession of the Premises to the Lessee upon the <br />Commencement Date as set forth herein; and <br />WHEREAS, the Lessee is currently in possession of the Premises pursuant to an <br />Assignment of Lease dated March 31, 2005 and desires to continue to lease the Premises <br />for use as commercial office space; and <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein <br />the parties hereby agree as follows: <br />• 1. LEASED PREMISES. The leased premises, herein referred to as the "Premises", <br />shall be all the property identified as Parcel 111 on City Real Property Tax Map <br />53, including the building containing approximately 6,218 square feet and <br />commonly known as the Jessup Building, 614 East High Street, and labeled as <br />"Town Hall Two" on the attached Site Plan (Attachment A), together with the <br />parking area hereinafter designated. The property lies between East High Street <br />and Jefferson Street, and on the west side of 7`h Street, N.E. in the City of <br />Charlottesville. <br />The designated parking area shall include those ten (10) individual parking spaces <br />marked on the attached Site Plan with an "X". <br />2. LEASE TERM AND NON -RENEWAL. The term of this Lease shall be for a <br />period of five (5) years, beginning August 1, 2005 ("Commencement Date") and <br />terminating at midnight on June 30, 2010, or sooner as provided herein. There <br />shall be no automatic renewal or extension of the term of this Lease, and should <br />extension or renewal be desired by Lessors or Lessee, such renewal or extension <br />shall be accomplished by separate written instrument of equal dignity to this <br />Lease. Absent such written renewal or extension, this Lease shall automatically <br />terminate at the end of the term hereof. <br />3. RENT. (A) The base annual rent for the Premises shall be Seventy -Five <br />Thousand and 00/100 Dollars ($75,000.00) for a total base rent for the entire term <br />• of Three Hundred Sixty -Eight Thousand, Seven Hundred Fifty and 00/100 <br />