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2015-027
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2015-027
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Last modified
3/29/2017 3:35:44 PM
Creation date
4/26/2016 1:38:26 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
02/17/2015
Control Number
2015-027
Agenda Item Number
8.O.
Entity Name
Vertical Bridge Acquisitions LLC
Capstar Radio Operating Co.
IHeartMedia VI
Subject
Consent to Assignment Sale and Assumption License
Old Dixie Highway tower site
Area
Old Dixie Highway
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CONSENT TO ASSIGNMENT, SALE AND ASSUMPTION OF LICENSE <br />THIS CONSENT TO ASSIGNMENT, SALE AND ASSUMPTION OF LICENSE <br />(Consent) is made and entered into this 17t1 -day of February , 2015 by Indian River <br />County, (County) a political subdivision of the State of Florida whose address is 1801 27th <br />Street, Vero Beach, FL 32960 for the benefit of Capstar Radio Operating Company, a <br />Delaware corporation; and iHeartMedia Tower Co. I LLC, a Delaware limited liability <br />company; and Vertical Bridge Acquisitions, LLC; who consent as follows: <br />WHEREAS, on May 7, 1996 the County entered into a License agreement <br />(License) with Media VI, a Florida Partnership for a 3.67 acre parcel of property which is <br />the site of a 200' radio tower; and <br />WHEREAS, on January 20, 2004, that License was assumed by Capstar Radio <br />Operating Company (Capstar), and extended an additional 20 years until October 27, <br />2022 with the consent of the County; and <br />WHEREAS, Capstar through its wholly owned iHeartMedia, Tower Co I LLC, <br />(iHeartMedia) entered into an agreement whereby iHeartMedia Tower Co. I, LLC will be <br />assigned certain tower assets, including the License, and iHeartMedia Tower Co. I, LLC <br />will subsequently be sold to Vertical Bridge Acquisitions, LLC or its affiliate (Vertical <br />Bridge); and <br />WHEREAS, the tower on Old Dixie Highway and real property described in Exhibit <br />"A" attached and incorporated herein, is on County owned property subject to the License <br />and this Consent; and <br />WHEREAS, the License states in paragraph 9. "Licensee (Media VI) may not <br />assign license without the prior approval of the Board of County Commissioner of Indian <br />River County. The Grantor (Board of County Commissioners) shall not unreasonably <br />withhold such approval." <br />NOW THEREFORE, in consideration of the premises and the mutual covenants <br />hereinafter set forth the parties agree as follows. <br />1. The above recitations are true and correct and incorporated herein <br />2. The Board County Commissioners of Indian River County hereby consents to the <br />assignment and assumption of lease assigning the License by Capstar to <br />1 <br />
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