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1 1 and maintenance thereof shall not damage or impair the strength of the Elevated Tank and the accessories thereto or any other Licensee ' s equipment nor interfere with Licensor' s use of the Elevated Tank. Licensee, after receipt of written documentation, will be responsible for cost of repair, for any damage caused by Licensee or by its agents, employees or invitees to the Elevated Tank or its accessories or to any other Licensee ' s equipment. (h) Licensee shall equip its Licensee Facilities with hurricane protection, lightning protection, and power surge protection. (i) Licensee covenants and agrees that, in the event Licensee needs to install utility services underground on the Property, Licensee shall submit to Licensor for approval or disapproval construction plans showing the location and path of any proposed trench or other excavation prior to the commencement of any work . Licensee shall be responsible for obtaining all necessary permits , and shall perform any trenching or excavation in a proper, workmanlike manner to prevent any interference with Licensor ' s or any other Licensee ' s property or equipment or use of the Property . 5. TERM OF AGREEMENT. The initial term of this Agreement shall be five (5 ) years commencing upon commencement of construction of Licensee Facilities or one hundred eighty ( 180) days from full execution of this Agreement, whichever first occurs ( " Commencement Date ") and terminating on the day preceding the fifth anniversary of the Commencement Date (the "Term " ) unless otherwise terminated as provided herein. In the event Licensee is not in default in the performance of any term or condition of this Agreement, Licensee shall have the option to renew this Agreement for up three (3 ) successive five (5 ) year terms (the " Renewal Terms " ) on the same terms and conditions as set forth herein, except as otherwise agreed to by both parties . Each option for a Renewal Term shall be deemed automatically exercised with notice by Licensee to Licensor, unless Licensee gives Licensor written notice of Licensee ' s intent not to renew to Licensor at least six (6) months prior to expiration of the then current term . 6. LICENSE FEE. (a) Beginning on the Commencement Date, Licensee shall pay an annual license fee of TWENTY THOUSAND AND 00/ 100 DOLLARS ( $ 20 , 000 . 00) to be paid in equal monthly installments of ONE THOUSAND SIX HUNDRED SIXTY SIX AND 67/ 100 DOLLARS $ 1 666 . 67 to be paid on the first day of each month to Licensor, in advance , without deduction or offset, at such place or places as may be designated in writing by Licensor at least thirty (30) days in advance of any rental payment date . Licensee shall pay all prevailing Florida sales taxes, if applicable , tangible property taxes associated with Licensee ' s Facilities, and intangible property taxes , as may be applicable . If the Commencement Date is on a date other than the first day of a calendar month, Licensee shall make a prorated payment of the installment of the annual rental payable for the first and last month of the term of this Agreement . (b) The license fee shall increase on each annual anniversary of the Commencement Date by an amount equal to four percent (4%) of the License fee for the previous year. (c) Licensee will have the right, at its sole cost and expense , to use a direct deposit system with regard to rent payments . Licensor agrees to cooperate with Licensee in providing requisite information to Licensee for such direct deposit . l:\Common\Nextel\FL 2590 Gifford\FL2590B SAS Submittal\Original Documents\FL2590B Gifford Nextel 002 - Elevated Water Tank Space License Agreement June 12005.doc Page 3 of 15