TERM; RENTAL. a. This Agreement shall be for a term of ten (10) years commencing upon the execution hereof by both Parties. Each Supplement shall be effective as of the date of execution by both Parties (the "Effective Date"). The initial term of each Supplement shall be for ten (10) years and shall commence on the first day of the month following the date LICENSEE commences installation of the Equipment on the Site (the "Commencement Date"). On the Commencement Date of each Supplement, rental payments shall commence and be due in advance at a total annual rental of $175.00 per LICENSOR Light Pole, to be paid to LICENSOR as set forth below. LICENSOR and LICENSEE shall acknowledge the Commencement Date of each Supplement in writing. LICENSOR and LICENSEE acknowledge and agree that the initial rental payment for each Supplement may not actually be sent by LICENSEE until ninety (90) days after the written acknowledgement of the Commencement Date. ALL RENTAL PAYMENTS MUST PROMINENTLY IDENTIFY THE LICENSOR's CONTRACT NUMBER FOR THIS AGREEMENT. In the event the Director of Parks and Recreation authorizes use of property in City Parks for LICENSEE Poles, the same rental rate shall apply. b. The annual rental payable under this Agreement and each Supplement then in effect may be decreased or increased from time to time, based upon cost studies conducted by LICENSOR, solely at its cost, to determine a reasonable approximation of the objectively reasonable and non-discriminatory costs incurred by LICENSOR and specifically related to and caused by the deployment of Equipment on LICENSOR's Light Poles on Right of Way or City Parks. Such studies, and any adjustments pursuant thereto, shall be subject to the limitations of applicable Laws, including, without limitation, FCC 18-133 and rules promulgated in accordance with such Order. Copies of each such study shall be provided to LICENSEE for review so that LICENSEE may, without being obligated to do so, provide LICENSOR with comments regarding the costs detailed by the study and any proposed adjustment to annual rent and other fees. The cost study will be presented to the Sioux Falls City Council in a public meeting where LICENSEE will have an opportunity to comment. Any adjustment to the then-current annual rental shall be applied on a competitively neutral and non-discriminatory basis, in accordance with applicable Laws, and adopted by City Ordinance. LICENSOR shall provide at least ninety (90) days' prior written notice of any adjustment to the annual rental pursuant to City Ordinance to LICENSEE at the following address: CommNet Cellular Inc. d/b/a Verizon Wireless Attn: NRE-Pole Attachment Invoices 000 Xxxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxx, Xxx Xxxxxx 00000 In the event such notice is delivered less than ninety (90) calendar days before January 1 and LICENSEE's annual rental payment is not made at the adjusted amount, LICENSEE shall pay the difference within sixty (60) calendar days of LICENSEE's receipt of such notice, or shall be entitled to a credit against the next annual rental payment, as applicable. Absent such notice, LICENSEE shall pay the annual rental for the then-current year in the same amount as the annual rental payable for the immediately preceding year. In the event FCC 18-133 and/or rules promulgated in accordance with such Order is/are reversed or vacated in whole or in part in a final decision issued by a court of competent jurisdiction, or otherwise amended or vacated by the FCC or federal law, the Parties shall negotiate, in good faith, and attempt to reach a mutually- agreed amendment to this Agreement. Any adjustments for rental rates for Light Poles in Other Areas shall be made as adopted by City Ordinance or, in the absence thereof, by the mutual written agreement of the Parties. c. Disputes regarding whether cost studies used by LICENSOR's City Council to adjust application fees or annual rental rates meet the standards established in this Agreement shall be subject to binding arbitration as follows:
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TERM; RENTAL. a. This Agreement The term of lease for each Unit leased hereunder shall commence upon date of delivery of such Unit to Lessee or its representative and shall continue until the date set out in the applicable addendum. If the term is extended or renewed, all provisions of this Lease shall apply during any extension or renewal period. Lessee shall pay all rental charges due under the Lease monthly in advance unless otherwise agreed in writing and all other charges as same shall become due hereunder. All payments hereunder shall be for a term of ten (10) years commencing upon the execution hereof by both Parties. Each Supplement shall be effective as in currency of the date of execution by both Parties (the "Effective Date")United States. The initial term of each Supplement obligation to make rental or any other payments to Lessor shall not be deemed waived, delayed, abated or eliminated for ten (10) years and shall commence on the first day of the month following the date LICENSEE commences installation of the Equipment on the Site (the "Commencement Date"). On the Commencement Date of each Supplement, rental payments shall commence and be due in advance at a total annual rental of $175.00 per LICENSOR Light Pole, to be paid to LICENSOR as set forth below. LICENSOR and LICENSEE shall acknowledge the Commencement Date of each Supplement in writing. LICENSOR and LICENSEE acknowledge and agree that the initial rental payment for each Supplement may not actually be sent by LICENSEE until ninety (90) days after the written acknowledgement of the Commencement Date. ALL RENTAL PAYMENTS MUST PROMINENTLY IDENTIFY THE LICENSOR's CONTRACT NUMBER FOR THIS AGREEMENT. In the event the Director of Parks and Recreation authorizes use of property in City Parks for LICENSEE Poles, the same rental rate shall apply.
b. The annual rental payable under this Agreement and each Supplement then in effect may be decreased or increased from time to time, based upon cost studies conducted by LICENSOR, solely at its cost, to determine a reasonable approximation of the objectively reasonable and non-discriminatory costs incurred by LICENSOR and specifically related to and caused by the deployment of Equipment on LICENSOR's Light Poles on Right of Way or City Parks. Such studies, and any adjustments pursuant thereto, shall be subject to the limitations of applicable Lawsreason, including, without limitation, FCC 18-133 and rules promulgated in accordance with such Order. Copies force majeure, war, civil commotion, insurrection or the like which has the effects of each such study shall be provided to LICENSEE for review so that LICENSEE may, without being obligated to do so, provide LICENSOR with comments regarding denying Lessee the costs detailed by the study and any proposed adjustment to annual rent and other fees. The cost study will be presented to the Sioux Falls City Council in a public meeting where LICENSEE will have an opportunity to comment. Any adjustment to the then-current annual rental shall be applied on a competitively neutral and non-discriminatory basis, in accordance with applicable Laws, and adopted by City Ordinance. LICENSOR shall provide at least ninety (90) days' prior written notice temporary or permanent use of any adjustment to the annual rental pursuant to City Ordinance to LICENSEE at the following address: CommNet Cellular Inc. d/b/a Verizon Wireless Attn: NRE-Pole Attachment Invoices 000 Xxxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxx, Xxx Xxxxxx 00000 In the event such notice is delivered less than ninety (90) calendar days before January 1 and LICENSEE's annual rental payment is not made at the adjusted amount, LICENSEE shall pay the difference within sixty (60) calendar days of LICENSEE's receipt of such noticeUnit, or shall be entitled any failure of Lessor to a credit against the next annual rental payment, as applicableperform any obligation of Lessor to Lessee under this Lease. Absent such notice, LICENSEE shall pay the annual rental for the then-current year in the same amount as the annual rental payable for the immediately preceding year. In the event FCC 18-133 and/or rules promulgated in accordance with such Order is/are reversed or vacated in whole or in part in a final decision issued by a court of competent jurisdiction, or otherwise amended or vacated by the FCC or federal law, the Parties shall negotiate, in good faith, and attempt No payment to reach a mutually- agreed amendment to this Agreement. Any adjustments for rental rates for Light Poles in Other Areas shall be made as adopted by City Ordinance or, in the absence thereof, by the mutual written agreement of the Parties.
c. Disputes regarding whether cost studies used by LICENSOR's City Council to adjust application fees or annual rental rates meet the standards established in this Agreement Lessee hereunder shall be subject to binding arbitration as follows:reduction, limitation, impairment, set-off or counterclaim whether arising out of an alleged breach by Lessor or any third party or otherwise, provided, however, that this paragraph shall not be deemed a bar to Lessee’s right to assert any claims to which it may be entitled against Lessor, in a separate proceeding. The rental period for each Unit shall commence on the date of delivery of such Unit to Lessee or its representative, and shall end, at the expiration of the day that the Unit is taken off hire pursuant to Article 9 hereof. If redelivery of any Unit is impossible because of total loss or constructive total loss, then the rental period for such Unit shall end when Lessee tenders the replacement cost of such Unit to Interpool pursuant to Lessee’s obligation under Article 9 hereof. Unless otherwise agreed, the minimum rental period for each Unit shall be thirty (30) days. Lessee shall pay interest for late payment of any sum due Lessor under this Lease at the lesser of the highest legal rate or one-and-one-half percent (1 1/2%) per month commencing on the tenth (10th) day after the day on which Lessee receives Lessor’s invoice for such sum.
Appears in 1 contract
TERM; RENTAL. a. This Agreement shall be for a term of ten twenty-five (1025) years commencing upon the execution hereof by both Parties. Each Supplement shall be effective as of the date of execution by both Parties (the "Effective Date"). The , provided, however, the initial term of each Supplement shall be for ten five (105) years and shall commence on the first day of the month following the date LICENSEE day that LESSEE commences installation of the Equipment equipment on the Site Premises (the "“Commencement Date"). On the Commencement Date of each Supplement, ”) at which time rental payments shall commence and be due in advance at a total annual rental of $175.00 per LICENSOR Light Pole2,500.00, to be paid to LICENSOR as set forth below. LICENSOR and LICENSEE shall acknowledge in advance annually on the Commencement Date and on each anniversary of each it in advance, to the payee designated by LESSOR in the Supplement or to such other person, firm or place as LESSOR may, from time to time, designate in writingwriting at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 17 below. LICENSOR LESSOR and LICENSEE LESSEE acknowledge and agree that the initial rental payment for each Supplement may shall not actually be sent by LICENSEE LESSEE until ninety thirty (9030) days after the written acknowledgement of the Commencement Date. ALL RENTAL PAYMENTS MUST PROMINENTLY IDENTIFY THE LICENSOR's CONTRACT NUMBER FOR THIS AGREEMENT. In LESSOR and LESSEE agree that they shall acknowledge in writing the event the Director of Parks and Recreation authorizes use of property in City Parks for LICENSEE Poles, the same rental rate shall apply.
b. The annual rental payable under this Agreement and each Supplement then in effect may be decreased or increased from time to time, based upon cost studies conducted by LICENSOR, solely at its cost, to determine a reasonable approximation of the objectively reasonable and non-discriminatory costs incurred by LICENSOR and specifically related to and caused by the deployment of Equipment on LICENSOR's Light Poles on Right of Way or City Parks. Such studies, and any adjustments pursuant thereto, shall be subject to the limitations of applicable Laws, including, without limitation, FCC 18-133 and rules promulgated in accordance with such Order. Copies Commencement Date of each such study shall be provided to LICENSEE for review so that LICENSEE may, without being obligated to do so, provide LICENSOR with comments regarding the costs detailed by the study and any proposed adjustment to annual rent and other feesSupplement. The cost study will be presented to the Sioux Falls City Council in a public meeting where LICENSEE will have an opportunity to comment. Any adjustment to the then-current annual rental shall be applied on a competitively neutral and non-discriminatory basis, in accordance with applicable Laws, and adopted by City Ordinance. LICENSOR shall provide at least ninety (90) days' prior written notice of any adjustment to the annual rental pursuant to City Ordinance to LICENSEE at the following address: CommNet Cellular Inc. d/b/a Verizon Wireless Attn: NRE-Pole Attachment Invoices 000 Xxxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxx, Xxx Xxxxxx 00000 In the event such notice is delivered less than ninety (90) calendar days before January 1 and LICENSEE's annual rental payment is not made at the adjusted amount, LICENSEE shall pay the difference within sixty (60) calendar days of LICENSEE's receipt of such notice, or shall be entitled to a credit against the next annual rental payment, as applicable. Absent such notice, LICENSEE shall pay the annual rental for the then-current year in the same amount as the annual rental payable for the immediately preceding year. In the event FCC 18-133 and/or rules promulgated in accordance with such Order is/are reversed or vacated in whole or in part in a final decision issued by a court of competent jurisdiction, or otherwise amended or vacated by the FCC or federal law, the Parties shall negotiate, in good faith, and attempt to reach a mutually- agreed amendment to this Agreement. Any adjustments for rental rates for Light Poles in Other Areas shall be made as adopted by City Ordinance or, in the absence thereof, by the mutual written Upon agreement of the Parties.
c. Disputes regarding whether cost studies used , LESSEE may pay rent by LICENSOR's City Council electronic funds transfer and in such event, LESSOR agrees to adjust application fees provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits under each Supplement; (ii) a completed Internal Revenue Service Form W-9, or annual equivalent for any party to whom rental rates meet the standards established in payments are to be made pursuant to this Agreement or a Supplement; and (iii) other documentation requested by LESSEE with respect to the ownership of the subject property and the payment of rent under the Supplement and within fifteen (15) days of obtaining an interest in any Property, Supplement or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be subject acceptable to binding arbitration LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein or in any Supplement, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as follows:provided herein.
Appears in 1 contract
Samples: Master Lease Agreement
TERM; RENTAL. a. This Agreement lease shall be for a term of ten (10) years commencing upon commence May 1, 2023 and expire April 30, 2026. After the execution hereof by both Parties. Each Supplement shall be effective as expiration of the date lease, this lease shall automatically renew on a year to year basis. Rent shall escalate three percent of execution the previous year on May 1, 2024 and each and every year thereafter. Landlord and Tenant shall both have the right to terminate this lease at the end of the initial three year lease term or any renewal period by both Parties (giving the "Effective Date")other party 90 days prior advance written notice of terminating the lease. The initial term Total Monthly Rent Year 1 $3,200.00 Year 2 $3,296.00 Year 3 $3,395.00 RENT DOES NOT INCLUDE ELECTRICITY, CLEANING, OR TELECOMMUNICATIONS. First month's rent and security deposit is due at lease ratification. Rent is due in advance on the first day of each Supplement shall be for ten month. If any installment is not paid within fifteen (1015) years and shall commence on days of the first day of the month following when due, Xxxxxx agrees to pay as additional rent the date LICENSEE commences installation sum of the Equipment on the Site (the "Commencement Date")8% of rent due immediately payable. On the Commencement Date of each Supplement, rental All payments shall commence and be due in advance at a total annual rental of $175.00 per LICENSOR Light Pole, to be paid to LICENSOR as set forth below. LICENSOR and LICENSEE shall acknowledge the Commencement Date of each Supplement in writing. LICENSOR and LICENSEE acknowledge and agree that the initial rental payment for each Supplement may not actually be sent by LICENSEE until ninety (90) days after the written acknowledgement of the Commencement Date. ALL RENTAL PAYMENTS MUST PROMINENTLY IDENTIFY THE LICENSOR's CONTRACT NUMBER FOR THIS AGREEMENT. In the event the Director of Parks and Recreation authorizes use of property in City Parks for LICENSEE Poles, the same rental rate shall apply.
b. The annual rental payable under this Agreement and each Supplement then in effect may be decreased or increased from time to time, based upon cost studies conducted by LICENSOR, solely at its cost, to determine a reasonable approximation of the objectively reasonable and non-discriminatory costs incurred by LICENSOR and specifically related to and caused by the deployment of Equipment on LICENSOR's Light Poles on Right of Way or City Parks. Such studies, and any adjustments pursuant thereto, shall be subject to the limitations of applicable Laws, including, without limitation, FCC 18-133 and rules promulgated in accordance with such Order. Copies of each such study shall be provided to LICENSEE for review so that LICENSEE may, without being obligated to do so, provide LICENSOR with comments regarding the costs detailed by the study and any proposed adjustment to annual rent and other fees. The cost study will be presented to the Sioux Falls City Council in a public meeting where LICENSEE will have an opportunity to comment. Any adjustment to the then-current annual rental received shall be applied on a competitively neutral and non-discriminatory basisfirst to unpaid late charges, in accordance with applicable Lawsif any, then to any delinquent installment(s) of rent, and adopted by City Ordinancefinally to the most current installment of rent due. LICENSOR shall provide at least ninety (90) days' prior written notice No express designation of any adjustment payment by the Tenant shall vary the application of payment as aforesaid. If payment purporting to satisfy a current installment due is insufficient to pay all amounts owed in the annual rental pursuant to City Ordinance to LICENSEE order aforesaid, then a late charge on the unpaid balance of such current installment shall be imposed. Waiver of any fees/charges or repair expenses at any time shall not preclude collection of subsequent charges or expenses. No waiver by Landlord if any breach of any covenants herein shall operate as a waiver of the following address: CommNet Cellular Inc. d/b/a Verizon Wireless Attn: NRE-Pole Attachment Invoices 000 Xxxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxx, Xxx Xxxxxx 00000 In the event such notice is delivered less than ninety (90) calendar days before January 1 and LICENSEE's annual rental payment is not made at the adjusted amount, LICENSEE covenant or condition itself. Tenant shall pay the difference within sixty (60) calendar days all court costs and attorney fees, and other expenses incurred by Landlord in effecting collection of LICENSEE's receipt of such notice, or shall be entitled to a credit against the next annual rental payment, as applicable. Absent such notice, LICENSEE shall pay the annual rental for the then-current year in the same amount as the annual rental payable for the immediately preceding year. In the event FCC 18-133 and/or rules promulgated in accordance with such Order is/are reversed or vacated in whole or in part in a final decision issued by a court of competent jurisdiction, or otherwise amended or vacated by the FCC or federal lawrents from Tenant, the Parties shall negotiate, in good faith, and attempt to reach a mutually- agreed amendment to this Agreement. Any adjustments for rental rates for Light Poles in Other Areas shall be made as adopted by City Ordinance or, in the absence thereof, by the mutual written agreement curing of any default on part of the PartiesTenant in performance of any of its obligations hereunder and/or obtaining possession of the premises, where Landlord prevails.
c. Disputes regarding whether cost studies used by LICENSOR's City Council to adjust application fees or annual rental rates meet the standards established in this Agreement shall be subject to binding arbitration as follows:
Appears in 1 contract
Samples: Lease Agreement (Monterey Capital Acquisition Corp)
TERM; RENTAL. a. This Agreement shall be for a term of ten (10) years commencing upon the execution hereof by both Parties. Each Supplement shall be effective as of the date of execution by both Parties (Parties; however, the "Effective Date"). The initial term of each Supplement shall be for ten (10) years (subject, however, to earlier termination by either LICENSEE or LICENSOR as permitted pursuant to Article XIV) and shall commence on the first day of the month following the date LICENSEE commences installation of the Equipment on the Site (the "Commencement Date"). On the Commencement Date of each Supplement, rental payments shall commence and be due in advance at a total annual rental of $175.00 165.00 per LICENSOR Light Pole, to be paid to LICENSOR as set forth below. LICENSOR and LICENSEE shall acknowledge the Commencement Date of each Supplement in writing. LICENSOR and LICENSEE acknowledge and agree that the initial rental payment for each Supplement may not actually be sent by LICENSEE until ninety (90) calendar days after the written acknowledgement of the Commencement Date. ALL RENTAL PAYMENTS MUST PROMINENTLY IDENTIFY THE .
b. Unless and to the extent provided otherwise in the applicable Supplement, LICENSEE shall install or procure electrical and fiber optic lines and equipment at its own expense, and the use of such services will be metered or otherwise charged by third-party providers and paid by LICENSEE to such providers separately from any electric service or other services obtained and used by LICENSOR for LICENSOR's CONTRACT NUMBER FOR THIS AGREEMENT. street lighting or other equipment.
c. In the event LICENSEE is unable to obtain electrical service from a third-party provider as provided in Paragraph VII.b, above, and LICENSOR is able to provide electrical service to LICENSEE, an annual flat fee charge for electrical service shall be paid by LICENSEE in accordance with the Director terms of Parks the applicable Supplement, which shall set forth the mutually- approved annual charge payable to LICENSOR under the Supplement in addition to the annual rent payable thereunder. LICENSEE and Recreation authorizes use of property in City Parks for LICENSEE PolesLICENSOR hereby agree that the annual power charge to be paid under each applicable Supplement shall be calculated, the same rental rate shall apply.
b. The on an annual rental payable under this Agreement and each Supplement then in effect may be decreased or increased from time to timebasis, based upon cost studies conducted the estimated average electrical service draw for the Equipment to be installed by LICENSORLICENSEE, solely at its cost, to determine a reasonable approximation of the objectively reasonable and non-discriminatory costs incurred by LICENSOR and specifically related to and caused multiplied by the deployment of Equipment on LICENSOR's Light Poles on Right of Way or City Parksthen-applicable per kWh rate. Such studies, and any adjustments pursuant thereto, shall be subject LICENSEE agrees to the limitations of applicable Laws, including, without limitation, FCC 18-133 and rules promulgated in accordance with such Order. Copies of each such study shall be provided to LICENSEE for review so that LICENSEE may, without being obligated to do so, provide LICENSOR with comments regarding the costs detailed by necessary information and/or documentation to support LICENSEE’s estimated average electrical service draw for the study and any proposed adjustment to annual rent and other feesEquipment. The cost study will be presented to the Sioux Falls City Council in a public meeting By way of illustration, where LICENSEE will have an opportunity to comment. Any adjustment to the thenis installing a single-current annual rental shall be applied on radio node, at a competitively neutral and non-discriminatory basis, in accordance with applicable Lawsthen rate of $0.103/kWh, and adopted by City Ordinance. LICENSOR shall provide at least ninety (90) days' prior written notice of any adjustment the average power draw is estimated to be 460 Xxxxx, the annual rental pursuant to City Ordinance to LICENSEE at the following addressflat fee power charge would be calculated as follows: CommNet Cellular Inc. d/b/a Verizon Wireless Attn: NRE-Pole Attachment Invoices 000 Xxxxxxxxxx Xxxxxx Xxxx Xxxxxxxxxx(460 W / node with 1 radio) * (720 hrs / month) * (12 months / 1 year) = 3,974 kWh / year. Thus, Xxx Xxxxxx 00000 In the event such notice is delivered less than ninety (903,974 kWh / year) calendar days before January 1 and LICENSEE's annual rental payment is not made at the adjusted amount, LICENSEE shall pay the difference within sixty * (60$0.103 / kWh) calendar days of LICENSEE's receipt of such notice, or shall be entitled to a credit against the next annual rental payment, as applicable. Absent such notice, LICENSEE shall pay the annual rental for the then-current year in the same amount as the annual rental payable for the immediately preceding = $409.32 per year. In the event FCC 18-133 and/or rules promulgated in accordance with such Order is/are reversed LICENSEE proposes modifications to its Equipment which would decrease or vacated in whole or in part in a final decision issued by a court of competent jurisdiction, or otherwise amended or vacated by the FCC or federal lawincrease its expected electrical service usage, the Parties shall negotiaterecalculate the annual power charge and amend the applicable Supplement. The Parties acknowledge and agree that the electrical service rate calculation set forth above assumes that the host electrical circuit for the LICENSOR Pole is able to accommodate the power requirements of LICENSEE's Equipment. Notwithstanding LICENSOR's provision of electrical service to LICENSEE, LICENSOR expressly reserves the right to maintain, repair, use and operate LICENSOR's Poles, and its facilities thereon, in good faithsuch a manner as well best enable it to fulfill its own service requirements. LICENSOR shall not be liable to LICENSEE for any interruption of electrical service to LICENSEE's Equipment attached to LICENSOR's Poles arising in any manner out of LICENSOR's maintenance, repair, use or operation thereof.
d. LICENSEE shall be permitted at any time during the Term of each Supplement to install, maintain, and/or provide access to and use of, as necessary (during any power interruption at a Site), a temporary, portable power source to keep LICENSEE's communications facility operational, along with all related equipment and appurtenances within or on the Site, in such locations as reasonably approved by LICENSOR, so long as such temporary power source and related equipment and appurtenances do not interfere with snow removal, street maintenance resurfacing, repair, or rehabilitation, or construction or repairs on the applicable Property; impair traffic; impede sight lines; cause a nuisance; or violate LICENSOR's generally applicable Code Standards then in effect. If the Property, or alternate property owned and operated by the LICENSOR in the immediate area of the Site, will not accommodate such portable power source, related equipment, and attempt appurtenances, it shall be LICENSEE's responsibility to reach locate auxiliary sites and secure any permits or permissions for such other property, at its sole expense. LICENSOR will not be responsible for theft, vandalism, or damage to any such temporary equipment.
e. On all Supplements with a mutually- agreed amendment Commencement Date other than January 1st, the first year's rent shall be prorated to the end of the calendar year in which the Commencement Date occurs. Similarly, for all Supplements that expire or otherwise terminate on a date other than December 31st, the rent shall be prorated from the beginning of the year to the end of the month in which the Supplement expires or otherwise terminates. Subsequent to the initial payment of pro- rated rents in the year of the Commencement Date, the rent due hereunder for all subsequent years shall be paid in annual installments prior to January 1st of each succeeding year. If any annual rental payment due under this Agreement and the applicable Supplement is not received by LICENSOR within thirty (30) calendar days of the date such payment is due, LICENSEE shall pay to LICENSOR, upon receipt of an invoice therefor, a late charge equal to 1.25% of the amount due for each month and/or fraction thereof during which the payment remains due and unpaid.
f. Upon request of the LICENSOR, LICENSEE shall pay rent by means of a bank draft (check) payable to LICENSOR. Upon mutual agreement, electronic funds transfer may be used rather than a check, and in such event LICENSOR agrees to provide the documentation and information required by LICENSEE for such purposes.
g. For any party to whom rental payments are to be made, LICENSOR or any successor-in-interest of LICENSOR hereby agrees to provide to LICENSEE: (i) a completed, current version of Internal Revenue Service Form W-9, or equivalent; (ii) complete and fully executed state and local withholding forms, if required; and (iii) other documentation to verify LICENSOR's or such other party's right to receive rental payments as is reasonably requested by LICENSEE. Rent shall accrue in accordance with this Agreement, but LICENSEE shall have no obligation to deliver rental payments until the requested documentation has been received by LICENSEE. Any adjustments for rental rates for Light Poles in Other Areas shall be made as adopted by City Ordinance or, in the absence thereof, by the mutual written agreement Upon receipt of the Parties.
c. Disputes regarding whether cost studies used requested documentation, LICENSEE shall deliver the accrued rental payments as directed by LICENSOR's City Council to adjust application fees or annual rental rates meet the standards established in this Agreement shall be subject to binding arbitration as follows:.
Appears in 1 contract
Samples: Master License Agreement
