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Feb 26 02 10:08a , ^. Versfon 1 ? _ ?.. '"•° suresite ?.?t ., ? ` ' 4 DRAFT E:X-IBIT B Orcinance No. 2002-40 OPTION AGREEMENT March 97 Site Name: ATBT Nwth Olmsted Piayground Owner and SprintCom. Inc. a Kansas carporation ("SpnntCom"), agree as follows: 1. OPTiQN: Owner grants to SptintGom the option to lease certain real propertytspace (Site") desaibed '+n Exhibit A to that PCS Site Agreement attached hereto as Exhibft 1 auM incorpaated herein by reference. The lease of the Site upon exercise of this flption will be on the te"ns and conditions set forth in Exhibit 1. Owner will execute the PCS Site Agreement concuRertly with its execution of this Option AgreemeM. 2. CONS[DERATION. On full execution of this Option Agreement, SprintCom will pay to Owner the sum of Five Hundred and 00/100 Dollars (E500.00) as consideration for the option. dwner wiN retain all option tronsideretan upon expiration of the option term. If the opiion is exercised, then the considera6on witl be credited against the first payment of annual reni mat is due under the PCS Site qgreement. 3. TERM: The term of this option will commence on , 20 and will terminate at 11:59 p.m. (Eastem Standard Time) on , 20 . The term of the option may be extended by rnut?agreement in wrlting. 4. EXERCISE: Noiice of the exercise of this option will be given by Spr+ntCom to (Anmer by SprintCom delivering an executed PCS Sita Agrnement in the form and upon the terms and conditioos set fodh in Exhibft t, to Owner at Owner's address set forth in the attached PCS Site Agreement. Nofice will be given by eithet certified mai(, netum receipt requested, or by ovemight carrier. Notice wil be deemed effedive on the date that it is postmarked or received by ovemight carrier, as the case may be. The term of the PCS Site Agreement will comcnence on the effedive date oi such noUce. 5. ACCESS: Owner agrees ta perm+t SprintCom, during the term of th+s optiort, free ingress and egress to the Site to conduCt such sunreys, structural strength anatysis, subsurface boring tests and other actfvitles of a similat nature as SprinlCom may de.em necessary at the sole cost of SprintCom. 8. PERMITS: SpriMCom vrill have the right to seek govemmemal peRnits and approvals for inshallation of its communicatiais facility duxing the term of this Option Agreement. Owner agrees to cooperate with SprintCom (withoLd the oMigation to incur arry expense) and agrees to take all acUons and join in aN appGptions and execute all documents reasonably necessary to atlow SprintCom to pursue applications and obtain such govemmental permits and authwizations. 7. MEMORANDUM: On execution of this Option Agreement, Owner anc! SprirrtCom wiH execute and record in the oificial records of the courriy in which the Site is located a Memorandum of Option Agreemerrt in the form oT Exhibit 2 attached hereto and incorporated herein by reierence. SprintCom wiU pay the recording cost_ If SprintCom does not exem.ise its option, then Site ID: C1.00XG366 - D GROUND LEASE ONLY SprirrtCom agree:; to execute and deliver to Owner a quitclaim deed or other appropriate instrument in recordable form releasing and reGOnveying to Owner all rights of SprintCom in the Site. 8. ASStGFlMENT; Assignment of this Option Agreement by SpfintCom m8y be made to its general partner(s) or to eny pArty controNing, controlled by or under common control with SprintCom, ar to any pariy that acquires substantially all of the assets of SprintCom. 9_ ATTORNEYS' FEES: The prevailing pariy in any action or proceeding in court to enforce the terms of this Option AgreemeM will be eMitled to receive its reasoiiable attorneys' fees and other reasonable enfarcement c:osts and expenses from the non-prevailing party. 90. ENTIRE AGREEMENT: This Option Agreement contains all agreements, promises and understandings between Ovmer and SprintCom pertaining to the subject matter, This Option Agreement and the performance hereof will be governed and interpreted by the laws of the state in which the Site is located. OWNER: The City o orth Olmste?d By: /Nl1A? /• Name: Norman T. Musial Its: Mayor S.S.(rax No.: Address: 5200 Dover Center Rd. North Olmsted, OH 44070 SprintCom, Inc., a Kansas corporation By: Name: Its: Address: Witness Print Name W itness Print Name Date: Attact+ Exhib+t i- Facecuted PCS Stte Agreement Attach Exhibit 2- AAemorandum oi Optan Agreernent