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Djuz!pg!Mfyjohupo-!NO! <br />Buuo;Lvsu!Hmbtfs!bu!Tnjui!boe!Hmbtfs-!MMD! <br />444!Xbtijohupo!Bwfovf! <br />516!Vojpo!Qmb{b!Cvjmejoh! <br />Njoofbqpmjt-!Njooftpub!66512.2481! <br />RE: EVALUATION OF AMERICAN TOWER LEASE EXTENSION <br />Efbs!Ns/!Hmbtfs;! <br />Tuffm!jo!uif!Bjs-!Jod/!)TJUB*!jt!qmfbtfe!up!qspwjef!uif!gpmmpxjoh!Bttfttnfou!pg!uif!fyufotjpo! <br />wbmvbujpo!boe!joufsftu!cz!Bnfsjdbo!Upxfs!)BUD*jo!uif!Mfbtf!ujfe!up!zpvs!qspqfsuz!bu!:211! <br />Ibnmjof!Bwfovf-!Mfyjohupo-!NO!66125!)Mbu/0Mpoh/;!56/24980.:4/2882*/ <br />Gps!fbtf!pg!vtf-!xf!cfhjo!cz!qspwjejoh!pvs!Executive Findings-!xijdi!fyqsftt!uif!sftvmut!pg! <br />pvs!Bttfttnfou-!cfmpx/!! <br />EXECUTIVE SUMMARY OF FINDINGS: <br />1. We find the risk of termination of the Lease to be low. <br />2.We see no reason for ATC to consider anything except remaining at the site for <br />the long term. <br />3. ATC is running out of time to extend this lease. However, they are also paying <br />above-market rent. <br />4. Accordingly, we would advise extending the ground lease at the current <br />financial terms while keeping the consent agreement in place as is. <br />letter, it does not need to be extended, as it is coterminous with the lease). We <br />also recommend the following terms: <br />10-year lease extension; <br />10-year rent guarantee beginning upon execution of extension agreement; <br />extension <br />of the lease; <br />Do not agree to additional language from ATC such as confidentiality, <br />right of first refusal, power of attorney language, etc. The extension should <br />be straightforward and simple merely extending the terms already in <br />place. <br />Xf!opx!dpoujovf!cz!fyqmbjojoh!jo!efubjm!ipx!xf!bssjwfe!bu!uijt!dpodmvtjpo!boe!foe!uif! <br />Bttfttnfou!xjui!Sfdpnnfoebujpot!po!ipx!up!qspdffe/!! <br />98 <br />3 <br /> <br />