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HomeMy WebLinkAbout2014-099FIRST AMENDMENT TO GROUND SPACE LEASE Sprint Site ID. MI 3XC059-A B.a.A aoiy_oyg THIS FIRST AMENDMENT TO GROUND SPACE LEASE ("Amendment") is made effective as of August 19 , 201 4 ("Effective Date"), by and between Indian River County Board of County Commissioners ("Lessor") and Sprint Spectrum Realty Company, L.P., a Delaware limited partnership, successor in interest to Sprint Spectrum L.P., a Delaware limited partnership ("Lessee"). BACKGROUND Pursuant to a Ground Space Lease dated December 9, 1997 ("Lease"), Lessor leased to Lessee a certain portion of real property located at 3955 65th Street, City of Vero Beach, County of Indian River, State of Florida, as more particularly described in described in the Lease ("Premises"). Lessor and Lessee desire to amend the Lease as set forth herein. Words and phrases having a defined meaning in the Lease have the same respective meanings when used herein unless otherwise expressly stated. AGREEMENT The parties agree as follows: 1. Term. Paragraph 3 of the Lease is amended by adding the following: Notwithstanding anything set forth in Paragraph 3 to the contrary, the current term of the Lease will expire on January 21, 2016. Commencing on January 22, 2016, the term of the Lease ("New Initial Term") is sixty (60) months. The Lease will be automatically renewed for one (1) additional term ("Renewal Term") of sixty (60) months. The Renewal Term will be deemed automatically exercised without any action by either party unless Lessee gives written notice of its decision not to exercise the option to Lessor before expiration of the New Initial Term. 2. Rent. Paragraph 9 A. of the Lease is amended by adding the following: Notwithstanding anything set forth in Paragraph 9 A. to the contrary, effective January 22, 2016, the the rent shall be paid in equal annual installments of Eighteen Thousand Nine Hundred Sixty -One and 63/100 Dollars ($18,961.63), and shall continue during the term (until increased as set forth herein), partial years to be prorated, in advance ("Annual Rent"). Thereafter, commencing on January 22, 2017, the Annual Rent will be increased annually by four percent (4%) of the then current Annual Rent. Lessor initials PDag MD' 1 Lessee initials. r,� Sprint Site ID. Ml I XCU59-A Start Date — End Date Annual Rental January 22, 2016 — January 22, 2017 vg, $18,961.63 January 22, 2017 — January 23, 2018 71 )0 $19,720.09 January 22, 2018 — January 21, 2019 t.i) $20,508.89 January 22, 2019 — January 23, 2020 MT) $21,329.25 January 22, 2020 — January 2/, 2021'l;� $22,182.42 January 22, 2021 — January 21, 2022 -? $23,069.72 January 22, 2022 — January 21, 2023 $23,992.51 January 22, 2023 — January 2t, 2024 $24,952.21 January 22, 2024 — January 23, 2025 Ai©(J $25,950.30 January 22, 2025 — January 23, 2026 > t 7 $26,988.31 3. Notices. Paragraph 18 of the Lease is amended by deleting the entire provision and substituting the following provision in its place: "All notices, requests, demands or other communications with respect to the Lease, whether or not herein expressly provided for, must be in writing and will be deemed to have been delivered upon receipt or refusal to accept delivery after being either mailed by United States first-class certified or registered mail, postage prepaid, return receipt requested or deposited with an overnight courier service for next -day delivery to the parties at the following addresses (the addresses may be changed by either party by giving written notice). Lessor: Lessee: with a copy to: Indian River County Board of County Commissioners 1801 27th Street Vero Beach, FL 32960 Sprint Spectrum Realty Company, L.P. Sprint Property Services Site ID: MI13XC059-A Mailstop KSOPHT0101-Z2650 6391 Sprint Parkway Overland Park, KS 66251-2650 Sprint Law Department Attn: Real Estate Attorney Site ID: M113XC059-A Mailstop KSOPHT0101-Z2020 6391 Sprint Parkway Overland Park, KS 66251-2020" 4. Additional Terms and Conditions to this Amendment. Lessor agrees to promptly execute and deliver to Lessee a recordable Memorandum of Amendment in the form of Attachment 1, attached. Lessor initials. NIP' PAda Lessee initials: �,C Sprint Site ID MI13XC059-A 5. Reaffirmation; Intention to be Bound. Except as provided in this Amendment, each and every term, condition and agreement contained in the Lease will remain in full force and effect. The parties reaffirm that the representations and warranties made by each of the parties in the Lease are true and accurate as of the Effective Date. The parties executing this Amendment, on behalf of themselves, their assigns and successors, acknowledge and reaffirm their intention to be bound by the terms and conditions of the Lease. SIGNATURES APPEAR ON THE FOLLOWING PAGE Lessor initials: MD' 3 Lessee initials. d ` Sprint Site ID \II 1 \( U5) -A EXHIBIT A TO MEMORANDUM OF FIRST AMENDMENT TO GROUND SPACE LEASE Description of Real Property A portion of certain real property located at 3955 65th Street, City of Vero Beach, County of Indian River, State of Florida, described as follows: The East 112 of the Northwest 114 of the Southwest 114 of Section 10, Township 32 South, Range 39 East, Public Records of Indian River County, Florida. Lessor initials Nw 4 Lessee initials