Agenda - 09-05-2013 - 6b - Laserfiche WebLink

Browse Search

Site Name: Phelps NC Site Number: 280138 (e) Exercise of Option. American Tower may, in its sole discretion, exercise the Option by delivery of written notice to Landlord at any time during the Option Period. If American Tower exercises the Option then Landlord will lease the Site to American Tower subject to the terms and conditions of this Agreement. If American Tower does not exercise the Option, this Agreement will terminate. Term. (a) Initial Term. The Initial Term is as provided in paragraph 1(k). (b) Renewal Terms. This Agreement shall be automatically renewed for the initial Renewal Term and each successive Renewal Term, unless either Landlord or American Tower terminates the Agreement prior to the expiration of the Initial Term or the Renewal Term which is then in effect by giving the other party written notice of its intent to terminate at least six (6) months prior to the expiration of the then current Initial Term or Renewal Term. Each Renewal Term will be on the same terms and conditions provided in this Agreement except that Rent will escalate as provided in paragraph 4(b). 4. Consideration. (a) American Tower will pay its first installment of Rent within thirty (30) days of the Commencement Date. Thereafter, Rent is due and payable in advance on the first day of each calendar month to Landlord at Landlord's Notice Address. Rent will be prorated for any partial months, including, the month in which the Commencement Date occurs. (b) On the Increase Date, the Rent will increase by the Increase Amount. (c) In the event American Tower makes an overpayment of Rent or any other fees or charges to Landlord during the Term of this Agreement, American Tower may, but will not be required, to treat any such overpayment amount as prepaid Rent and apply such amount as a credit against future Rent due to Landlord. (d) American Tower will not be required to remit the payment of Rent to more than two recipients at any given time. (e) In the event of a sublet of a portion of the Compound by American Tower, American Tower shall pay to Landlord twenty -five percent (25 %) of the net monthly rental proceeds American Tower receives for each sublease, license or other collocation agreement of the Property entered into with an Additional Collocator (as defined in Paragraph 5(b) below) subsequent to the Effective Date of this Lease Agreement (the "Collocation Fee "). The Collocation Fee shall be exclusive of any amounts contained in such rent paid by any third party which constitute pass - through items (including without limitation electricity costs). (f) Notwithstanding the foregoing, Landlord hereby acknowledges and agrees that the provisions of this Paragraph 4 do not apply to any sublease, license or other collocation agreement between American Tower and the Anchor Tenant (as defined in Paragraph 5(b) below) or the Anchor Tenant's predecessors or successors in interest, or to any past or future modifications to such agreements. The Anchor Tenant may be designated and/or substituted with an alternative Additional Collocator by American Tower at American Tower's sole and absolute discretion. (g) The initial payment of the Collocation Fee shall be due with the first monthly rent installment payable after the commencement date (as defined therein) of each license or sublease with an Additional Collocator. In the event a sublease or license with an Additional Collocator expires or {sK011162.DOCx 2 13