HomeMy Public PortalAbout12-20-07 Second Amendment to Lease- American TowersLEASEAMENDMENT
This LEASE AMENDNIEN'I ('Amet&nenl') is made effective as qf the latter signature date hereof ('E f? ctive Dote") by ar1d
betweer CITY OF TYBEE ISLAND CLessoy'') and Spectmsite Corununications, LLC, a Delaware limited liability com pany (.'Lessei,,1.
RECITALS
A. Lessor, or its predecessor ir iDterest, and Lessee, or its predecessor in i erest, entered into that certain lease dated December I I,
1997 (as amended, the "I'ease"), $lhercby the Lessee leases a portion ofthe real property owned by Lessor ('?ropeny").B. Lesso! and Lessee desire to aflelrd tbe terms oftie Lease to extend the term thereof and as otherwise provided herein.
NOw, TIIEREFORE in considemtion of the foregoing recitals and mutual covenaots set forth herein and other good and
valuable corcideration, the receipt and sufficieacy of which are hereby acknowledged, the parties hereto agree as follows:
Leese Term Extcnded: Lessee shall have the option to exterd the Lease for each of four (4) additiona.l fivo (5) year renewal terms (each
a "Renewa.I Term"), The fust such Renewal Term shall corrmence on the day following the expiration of the last remaining .eDewal
period available under tlle Lease. The Lease will automatically rcnew for eacb successive Renewal Term unless ninety (90) days prior
to the expiration of the then current term Irssee notifies l-essor that Iessee elects not to renew the Lease.
2. Rent and Escalatiotr: Commencing ol December 1,2017 a d, each additional term thereafter, the rent payable under the Lease is
hereby increased by an amount equal to l57o of the rent payable for the year immediately preceding such increase. Lessor and Lessee
agree that all rent ard payments in accordance with this lease amendment shall continue to be paid to, and all taxable income from the
same shall be repoied by, CITY OF TYBEE ISLAND GA.
3. Ole-time Payment: Lessee shali pay to Lessor a onetime payment in the amount of $6245 , payable within te, (10) business days of
l-essee's rcceipt of this Irase Amendment executed Such onetime yment is contingelt on Lessee receiving the executed
lease amendment by }lovember3ffi€f.kc.zn bv Lessor-
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4. Memoratrdum of Amendment. Upon wrinen request by Lessee, Lessor sball y cooperate with Lessee and execute a Memorandum
ofLease that is rccordable within the jurisdiction irl which the Property is located. l-assor agrees nor to transfer, assign, sell, or co[vey
any or all interest of the Plopeny to arother party until IJssee records a Memorandum of Lease. This provision shalt nor apply ro any
sale or transfer of rhe Property ftom Lessor to any member of Lessor's irnmediate family. For the purposes of this provision, Lessois
immediate family shall be defined as the parents, children, grandchildren or siblings ofthe Lessor.
5. Full Force and Effect: En Amendmenti CounterDarts Except as modifi€d herein, the Lease and all (he coveDants,
agreements, terms, provisions aad conditions thereof remain in full force and effect aod are hereby ratified and affirmed. This
Arnendment" together with the Lease, coustitutes the entire agreemeot among the utrdersEned parties hereto. Any modification to this
Amendulelt must be ir writing and signed and delivered by authorized representatives of the affected parties in order to be effective.
This Amendment may be executed in any number of counterparts, each of which shall be ar original, but atl of which taken together
shall constitute one instument.
IN WITNESS WEEREOF, Lessor and Lessee have each executed this Amendment as of the dates wrirten below.
LESSEE:LESSOR
By: Jason D
Its: Vice
Date:
t, Land Its:
Date
Spectasite Communications, LLC, a Delaware limited
liability company
CITY OF TYBEE ISLAND
By:
Its;
Date:
.1
TYBEE ISLAND/303430/CA