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Site Name : Phelps NC <br /> Site Number : 28013 8 <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 /> (j ) 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 ninth 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 /> ( 11 ) 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 /> { SKOI 1162 . DOCX 2 12 <br />