08-1957 Site Lease Communications Agreement - South Water Plant

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conditions as set forth herein. This Agreement shall automatically be extended lor each successive Renewal Term unless Lessee notifies Owner of its intention not to renew prior to commencement of the succeeding Renewal Tenn. The rent shall be in the amount of Twenty Six Thousand Dollars and 00/100 ($26,000.00) which rent shall be paid annually, in advance, beginning on the Commencement Date (Annual Rent) and on each anniversary thereof (partial years pro-rated) to Owner at 95 Triplet Lake Drive, Casselberry. FL 32707-3399: Attention: George Millmann or as Owner may otherwise direct from time to time in writing at least thirty (30) days before any rent payment date. Simultaneously with the Annual Rent, Lessee shall provide the Owner with an annual letter that Lessee, to the best of its knowledge, is in compliance with the terms of subparagraph 3(0) herein. Notwithstanding the preceding, the parties agree that, prior to and until the first day of the month lollowing commencement of installation of the equipment on the property or within 180 days of signing the Agreement, whichever occurs first, the annual rent shall be Twenty Six Thousand Dollars and 0011 00 ($26,000.00), which rent shall be paid in the manner described above. B. The Annual Rent for each extension period shall be the Annual Rent in efTect lor the linal year of the prior Term or Renewal Terms as the case may be, adjusted by twenty percent (20%) increase lor the five (5) year term. C. Should this Agreement still be in elTect at the conclusion of all the Renewal Terms provided for herein, this Agreement shall continue in elTect upon the same terms and conditions, other than Annual Rent which shall be an amount equal to the Annual Rent in elTect for the prior one (I) year period increased by live percent (5%) for a further period of one (1) ycar, and for the like annual periods thereafter, until and unless terminated by either party by giving to the other written notice to its intention to so terminate at least ninety (90) days before the date this Agreement expires. D. In the event that Lessee enters into a lease agreement comparable to this Agreement with any municipal Lessor in Seminole or Orange Counties or the cities therein which provides a Lessor with more favorable, economically comparable, rental terms than provided to the City of Casselberry (Owner) under this Agreement then the Owner and Lessee mutually agree to renegotiate the specific rental terms of this Agreement affected by the above-mentioned more favorable, economically comparable, rental terms, so that the renegotiated terms of this Agreement provide the Owner with such more favorable economic rental terms. The use of the term "comparable" herein shall mean the lease of space on an existing water tower. Lessee shall, in good faith and as is commercially reasonable, notify Owner within ninety (90) days of exccution of such an agreement. In the event Lessee fails to notify Owner within ninety (90) days of execution of such an agreement, then Owner, upon inlormation it receives of such an agreement, shall provide written notice to Lessee as provided herein below, and Lessee shall have the right to cure said notice to Owner within sixty (60) days therealier, in which event the parties shall amend this Agreement to achieve for Owner the more favorable, economically comparable, rental terms, retroactive to the date of execution of such agreement. This Agreement shall remain in full force and effect until any negotiated EXECUTION COpy