Common Contracts
1 similar Option and Lease Agreement contracts
MEMORANDUMOption and Lease Agreement • May 11th, 2023
This First Amendment seeks to provide six (6) additional five (5) year renewal periods, the first of which would be effective on October 20, 2023, subject to City Commission and OUC approval. The first three (3) renewal periods may be automatically exercised by New Cingular. The remaining three (3) renewal periods require mutual written agreement of the parties. However, the City and OUC retain the right to relocate New Cingular during any renewal period in the event of a sale or redevelopment of the site. If the parties are unable to agree on a relocation site, then the Agreement can be terminated. In addition, if New Cingular terminates the Agreement at any time prior to the expiration of an extended term it will be required to pay for the total rent due for the remaining months of that term, provided that such payment does not exceed $75,000.00.
