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8/14/2017 10:51:44 AM
Creation date
2/23/2017 10:55:08 AM
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North Olmsted Legislation
Legislation Number
2017-10
Legislation Date
2/21/2017
Year
2017
Legislation Title
Clague Park Cell Tower Lease
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CROWN <br />CASTLE <br />.January 6. 2017 <br />City ofNorth Olmstead <br />Attention: Bryan O'Malley <br />5200 Dover Center Rd <br />North Olmstead, 01-144070 <br />11 E: Business Unit 4 843555 <br />Site Name CLE173A/CL249/CLAGUE PARK <br />Dear Mr. O'Malley: <br />This letter agreement ('*Letter Agreement") sets forth the terms of the agreement that is to be memorialized hetwecn <br />NCWPCS MPL 27 - Year Sites Tower Iloldings I_,LC, a Delaware limited liability company, by CCATT LLC. a <br />Delaware limited liability company, its Attorney in Fact ("Lessee") and City ofNorth Olmstead, an Ohio municipal <br />corporation ("Lessor"). to modify, among other things, the length of the term in the lease agreement between the <br />Lessor and Lessee dated ,July 28, 1997, as may be amended ("Lease") for property located in North Olmstead, <br />Cuyahoga County, OH ("Property"). <br />For and in consideration of' Fifty Dollars ($50.00) to be paid by Lessee to Lessor within 30 days after full execution <br />of this Letter Agreement_ the parties agree as follows: <br />I . Lessor and Lessee will enter into an amendment to the Lease ("Lease Amendment") wherein the term <br />of the Lease will be modified. The Lease currently provides, in section 4 that there are two (2) remaining renewal <br />terms of five (5) years each. That Lease section will be amended to provide that the remaining term of the Lease will <br />be seven (7) renewal terms of five (5) years each. The new final Lease expiration date will be August 3 I. 2052. <br />2. In addition to the modification described above, the Lease Amendment will further modify the Lease <br />to provide: <br />2a. The Lease Amendment shall include a provision stating that Lessee will pay to Lessor a one-time <br />amount of Ten Thousand and No/100 Dollars ($10.000.00) for the lull execution ofthe Lease Amendment within 60 <br />days of the full execution of the Lease Amendment ("Conditional Lease Amendment Signing Bonus"). In the evert <br />that the Lease Amendment (and any applicable memorandum of lease and/or amendment) is not fully exccutcd by <br />both Lessor and Lessee for any reason, Lessee shall have no obligation to pay the Conditional Lease Amendment <br />Signing Bonus to Lessor, and all other terms of this Letter Agreement are null and void. <br />2b. On March 1. 2017 rent shall increase to One Thousand Five I lunch -cd and No/100 Dollars ($1.500.00) <br />per month. <br />2c. Commencing on September I, 2018, and on the anniversary of' that date each year thercafler (tile <br />`'Adjustment Date"), the monthly rent shall increase by three percent (3%) over the previous year's rent. Such rent <br />escalations shall replace any rent escalations currently in the Lease. The Subtenant escalation schedules shall not be <br />changed and will continue as originally written. <br />2d. Clarification and Amendment of Revenue Share. The Lease Amendment shall include language <br />clarifying and amending the existing revenue share obligations per the Lease. <br />Language will be added to the Lease Amendment provide that in addition to the monthly rent currently paid <br />by Lessee to lessor pursuant to the lease, as further consideration for the right to exclusively use and lease the <br />Property, if Lessee subleases, licenses or grants a similar right of use or occupancy in the Property to an unaftiliatcd <br />third party ("Subtenant"), Lessee agrees to pay to Lessor fitly percent (50%) ofthc rental, license or similar payments <br />
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