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7 <br />Site Name: Phelps NC <br />Site Number: 280138 <br />(h) Option Consideration (Initial Option Period): Two Thousand Dollars ($2,000.00) <br />(1) Option Extension Consideration (Renewal Option Period(s)): $500.00 <br />0) Commencement Date: The date specified in the written notice by American Tower to <br />Landlord exercising the Option constitutes the Commencement Date of the Term. <br />(k) Initial Term: Nine years, commencing on the Commencement Date and continuing until <br />midnight of the day immediately prior to the fifth anniversary of the Commencement Date. <br />(1) Renewal Terms: Each of the six (6) successive periods of five years each, with the first <br />Renewal Term commencing upon the expiration of the Initial Term and each subsequent Renewal Term <br />commencing upon the expiration of the immediately preceding Renewal Term. <br />(m) Term: The Initial Term with any and all Renewal Terms <br />(n) Rent: The monthly amount of One Thousand Eight Hundred Dollars ($1,800.00). <br />(o) Increase Amount: Rent will increase annually by an amount equal to 3% of Rent for the <br />previous one year period. <br />(p) Increase Date: The first day following each anniversary of the Commencement Date. <br />2. Option to Lease. <br />(a) Grant of Option. Landlord hereby gives and grants to American Tower and its assigns, <br />an exclusive and irrevocable option to lease the Site during the Initial Option Period (the "Option "). <br />(b) Extension of Option. The Initial Option Period will automatically be extended for each <br />Renewal Option Period unless American Tower provides Landlord written notice of its intent not to <br />extend the Option. <br />(c) Consideration for Option. Option Consideration is due and payable in full within 30 days <br />of the Execution Date and American Tower will pay Landlord any Option Extension Consideration within <br />30 days of the commencement of any Renewal Option Period. <br />(d) Option Period Inspections and Investigations. <br />(1) During the Option Period, Landlord will provide American Tower with any keys <br />or access codes necessary for access to the Property. <br />(ii) During the Option Period, American Tower and its officers, agents, employees, <br />and independent contractors may enter upon the Property to perform or cause to be performed test <br />borings of the soil, environmental audits, engineering studies and to conduct a metes and bounds <br />survey of the Site and/or the Property (the "Survey"), provided that American Tower will not <br />unreasonably interfere with Landlord's use of the Property in conducting these activities. At <br />American Tower's discretion, the legal description of the Site as shown on the Survey may <br />replace Exhibit B of this Agreement and be added as Exhibit B of the Memorandum of Lease. <br />(iii) American Tower may not begin any construction activities on the Site during the <br />Option Period other than those activities described in, or related to, this paragraph 2(d). <br />{SK011162.DOCX 2 12 <br />