04-30-07 Item 7B, Water Tower Lease Agreement

Home Browse Search

4. Modification of Tenant's Obligation to Pay - Rent Guarantee. Notwithstanding Tenant's obligations to pay rent set forth under the Lease, for a 48 month period commencing May I, 2007 and ending April 30, 2011("Rent Guarantee Period"), Tenant hereby agrees that Tenant's obligation to pay rent is guaranteed and such obligation will not be subject to offset or cancellation by Tenant. Notwithstanding the foregoing, if Landlord exercises any of Landlord's rights to terminate the Lease, if any, Tenant will be released from any and all of its obligations to pay rent during the Rent Guarantee Period as of the effective date of the tennination. 5. Future Rent Increases. The Agreement is amended to provide that commencing on May I, 2012, rent shall be increased by 8.00% and every fifth year by 8.00% of the then current rent. 6. Acknowledgement. Landlord acknowledges that: I) this Second Amendment is entered into of the Landlord's free will and volition; 2) Landlord has read and understands this Second Amendment and the underlying Lease and, prior to execution of the Second Amendment, was free to consult with counsel of its choosing regarding Landlord's decision to enter into this Second Amendment and to have counsel review the tenns and conditions of the Second Amendment; 3) Landlord has been advised and is informed that should Landlord not enter into this Second Amendment, the underlying Lease between Landlord and Tenant, including any termination or non-renewal provision therein, would remain in full force and effect. 7. Notices. Section 13 of the Lease is hereby deleted in its entirety and replaced with the following: NOTICES. All notices, requests, demands and communications hereunder will be given by first class certified or registered mail, return receipt requested, or by a nationally recognized overnight courier, postage prepaid, to be effective when properly sent and received, refused or returned undelivered. Notices will be addressed to the parties as follows. As to Tenant, New Cingular Wireless PCS, LLC c/o Network Real Estate Administration, Cell Site # N118333, Cell Site Name: Arden Hills, 6100 Atlantic Boulevard, Norcross, GA 30071; with a copy to Attn.: Legal Department, New Cingular Wireless PCS, LLC, Re: Cell Site # N118333, Cell Site Name: Arden Hills, 5 Wood Hollow Drive, Parsippany, NJ 07054; and as to Landlord, City of Arden Hills, 1245 West Highway 96, Arden Hills, MN 55112. Either party hereto may change the place for the giving of notice to it by thirty (30) days prior written notice to the other as provided herein. 8. Other Terms and Conditions Remain. The Lease is amended to incorporate all the provisions set forth on Schedule I attached hereto. In the event of any inconsistencies between the Lease and this Second Amendment and the provisions set forth on Schedule I, the terms of this Second Amendment and Schedule I shall controL Except as expressly set forth in this Second Amendment, the Lease otherwise is unmodified and remains in full force and effect. Each reference in the Lease to itself shall be deemed also to refer to this Second Amendment. 9. Capitalized Terms. All capitalized terms used but not defined herein shall have the same meanings as defined in the Lease. [NO MORE TEXT ON THIS PAGE - SIGNATURES TO FOLLOW ON NEXT PAGE] landlord Initial: Tenant Initial: